Preliminary reassessment proceedings generally require statutory remedies unless jurisdiction is wholly absent or mandatory conditions are patently br...
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Where the original return was only processed under section 143(1), there was no assessment order reflecting formation of opinion, so reopening could not be struck down as a mere change of opinion and the Tribunal could examine the jurisdictional issue. On merits, interest earned on deposits of funds earmarked for acquisition of technical know-how, land, machinery and other project commitments had a direct nexus with setting up the manufacturing business. Such receipts were therefore to be adjusted against pre-operative expenditure and not taxed as income from other sources. The High Court upheld reassessment but rejected the Revenue's treatment of the interest as taxable income.
Where the original return was only processed under section 143(1), there was no assessment order reflecting formation of opinion, so reopening could not be struck down as a mere change of opinion and the Tribunal could examine the jurisdictional issue. On merits, interest earned on deposits of funds earmarked for acquisition of technical know-how, land, machinery and other project commitments had a direct nexus with setting up the manufacturing business. Such receipts were therefore to be adjusted against pre-operative expenditure and not taxed as income from other sources. The High Court upheld reassessment but rejected the Revenue's treatment of the interest as taxable income.
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