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1 - 10 of 14 (1.68 seconds)Section 148 in The Income Tax Act, 1961 [Entire Act]
India Gelatine And Chemicals Ltd vs Asstt. Commissioner Of Income Tax on 23 April, 2014
In the light of the decision of this court in the case of
India Gelatine and Chemicals Ltd. v. Assistant
Commissioner of Income Tax (No.1) (supra), having regard
to the fact that even if the entire amount which is proposed to
be added by the Assessing Officer is sustained, there would be
no addition to the tax liability of the petitioner and the
petitioner would still be governed by the provisions of section
115JB of the Act and assessed on the same book profit, it
cannot be said that there was sufficient material before the
Assessing Officer to form the belief that income chargeable to
tax has escaped assessment. The impugned notice issued
under section 148 of the Act, therefore, cannot be sustained.
Section 147 in The Income Tax Act, 1961 [Entire Act]
Section 115JA in The Income Tax Act, 1961 [Entire Act]
Olwin Tiles (India) Pvt Ltd vs Deputy Commissioner Of Income Tax - ... on 5 January, 2016
Insofar as the basis for reopening the assessment is
concerned, on similar grounds, the concerned Assessing
Officer had sought to reopen the assessment in the case of
Olwin Tiles (India) Pvt. Ltd. v. Deputy Commissioner of Income
Tax - Morbi Circle (supra). In the said case, the court, for the
detailed reasons recorded in the judgement and order dated
05.01.2016, had upheld the reopening and had dismissed the
petitions. The court did not find the reasons to be perverse or
so untenable as to terminate the assessment on the ground
that the Assessing Officer could not be stated to have any
reason to believe or tangible material to form such an opinion
that income chargeable to tax had escaped assessment.
Therefore, on the merits of the reopening, the present case is
squarely covered by the above decision against the petitioner.
Section 246 in The Income Tax Act, 1961 [Entire Act]
Section 248 in The Income Tax Act, 1961 [Entire Act]
Section 264 in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income Tax (Central) ... vs Harprasad & Co. (P) Ltd on 25 February, 1975
The learned
counsel also placed reliance upon the decision of the Supreme
Court in the case of Commissioner of Income Tax
(Central), Delhi v. Harprasad and Co. (P) Ltd., (1975) 99
ITR 118, for the proposition that income also includes loss.