Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: empanelment :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: TDS :: due date for vat payment :: articles on VAT and GST in India :: VAT RATES :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD
 
 
« News Headlines »
 Seven things you must do before 31st March
 Income Tax saving investments: Top 5 options available for high-income individuals
 How to use zero tax rule on long term capital gains on stocks
 GST Returns - Furnishing details of inward supplies
 5 ways to maximise you income tax return
 Income-tax (2nd Amendment) Rules, 2017
 Soon, Faster PAN, An App For Filing Tax Returns
 Changes in income tax return filing process
 New Income Tax Rates And Deductions Applicable From April 1, 2017
 Tax and transparencya
 No decision yet on imposing tax on cash transactions

HC rejects Sterlites plea challenging reopening of I-T assessment for 2000-01
March, 25th 2008
The Madras High Court has rejected the plea of Tuticorin-based Sterlite Industries (India) Ltd that the order of Deputy Commissioner of Income-tax, Company Circle VI(4), Chennai, to reopen assessment for year 2000-01 be set aside as it was without jurisdiction.

Mr. Justice K. Chandru in his recent order held that it was only required to see whether there was any prima facie material available on the basis of which Department could reopen the file. In view of the counter-affidavit of the Department, and impugned notice of July 17, 2007, this court could not reject the case of Revenue for invoking power under Sections 147 and 148 of the Income-tax Act, 1961 to reopen assessment.

According to petitioner, the department had held that they had received information from Enforcement Directorate (ED), which showed possible inflation of purchases on certain items. Petitioner contended that the notice issued by the department was without jurisdiction and contrary to Sections 147, 148 and 149. The information allegedly received from ED did not relate to the relevant assessment year, and that no import of any design or drawing was made during year 2000-01.

Also, the notice was barred by limitation, according to petitioner. An additional affidavit was also filed by petitioner on September 1, 2007 stating that copy of order obtaining previous sanction of Commissioner of Income-tax was not provided. The respondents in their counter said that previous sanction of Commissioner was obtained.

The Judge held that the definite stand of Dept was that previous sanction from Commissioner of I. Tax was obtained, and credible information received related to year 2000-01. In the light of the above, the writ petition failed, and the same shall stand dismissed.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Mission

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions