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1 - 10 of 10 (0.52 seconds)Section 147 in The Income Tax Act, 1961 [Entire Act]
The Advocates Act, 1961
Sai University Act, 2018
Priya Blue Industries Private Limited vs The Assistant Commissioner Of Income ... on 9 August, 2021
6. Learned advocate for the respondent sought to rely on the decision
of the supreme court in Priya Blue Industries (P) Ltd. vs. Assistant
Commissioner of Income Tax [(2022) 287 Taxman 187 (SC)]. In that
case, the assessing officer had reason to believe about the income
chargeable to tax having been escaped assessment for the reason that the
assessee was beneficiary of accommodation entries and that the assessee
had failed to disclose fully and truly all material facts. In the present case
also, the reopening is sought to be acted upon after four years and in view
of what is discussed and highlighted above, it could not be said that there
was any failure on part of the assessee to disclose fully and truly all
material facts. Once the material facts are disclosed, it was for the
assessing officer to form an opinion by properly analysing the said facts.
Subsequent delving into the same facts is not permissible.
Section 136 in The Income Tax Act, 1961 [Entire Act]
Section 68 in The Income Tax Act, 1961 [Entire Act]
Gujarat Power Corporation Ltd vs Assistant Commissioner Of Income Tax ... on 1 October, 2009
The principle laid down in Gujarat Power Corpn. Ltd. (supra) would
apply to the facts of the present case.
Harikishan Sundarlal Virmani vs Principal Commissioner Of Income Tax-2 on 5 February, 2018
Also in Harikishan Sunderlal Virmani vs.
Deputy Commissioner of Income Tax, Circle-2(1) [ (2017) 394 ITR
146 (Guj.)], it was held that the Principal Director of Tax (Investigation)
was not justified when there was no allegation of assseess's failure to
disclose truly or fully the material facts necessary for assessment.
Parixit Irrigation Limited vs The Assistant Commissioner Of Income ... on 27 April, 2021
6.2 In another decision in Parixit Industries (P) Ltd. vs. Assistant
Commissioner of income-tax (OSD) Circle-5 [(2012) 207 Taxman 140
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NEUTRAL CITATION
C/SCA/20377/2019 ORDER DATED: 27/03/2023
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(Guj.)], the principle was enunciated that second thought on the same
material by the assessing officer could not be the basis to reopen the
concluded assessment.
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