The Bombay High Court ruled that the materials which were already available before AO and which ultimately were considered in passing assessment order u/s 143, cannot form basis of reopening, on ground that such materials were ignored in finalizing assessment. The Division Bench of Justice G S Kulkarni and Justice Firdosh P Pooniwalla observed that AO cannot assume jurisdiction under …
The Delhi High Court has observed that the Prevention of Money Laundering Act, 2002, does not postulate a separate “reason to believe” for each property which stands attached under the provisional attachment order passed under Section 5 of the enactment. A division bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad made the observation while dismissing an appeal …
