2015 (8) TMI 20

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....014 issued under Section 148 of the Income Tax Act, 1961 (the 'Act') by the Assessing Officer. The impugned notices seek to reopen the assessment proceedings for the Assessment Years 2007-08, 2008-09 and 2009-10. 3. The reasons for reopening of the assessment for all the three years as furnished to the petitioners are identically worded (save the assessment year involved and the amount alleged to have escaped assessment) running into about five pages. The basic ground for reopening of assessment is the order passed by the Customs and Central Excise Settlement Commission enhancing the value of imported liquor for the period 2004-05 to 2009-10 resulted in payment of differential duty of customs of Rs. 58.04 crores. It is on the abo....

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.... said notice and this being the administrative sanction it is not mandatory on the undersigned to provide you the copy of the same. 3. As per the investigations carried on by the DRI and the customs department a penalty had been levied to the tune of Rs. 58 crores and similar amount was debited across 6 years by the assessee on sales promotion, discounts, product displays (hereinafter Promotional expenditure) which proves a kind of nexus and these two events cannot be seen separately and all the expenses are to the tune of 25% to 30% approx over the years. The event as mentioned above requires in depth study and issue of notice u/s 148 is valid and good in law and your objections to the issue are hereby settled. Further, the claim ....

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....er disposing of the objections, that the revenue should be able to establish that the reopening notice is within jurisdiction. 7. In the above circumstances, we set aside the three orders dated 15 January 2015 and restore the issue to the Assessing Officer to enable disposal of the petitioner's objections in accordance with the law. So as to avoid the reassessment proceedings becoming time barred, we make clear that the period of 15 weeks from today would stand excluded for the purpose of computing period of limitation under Section 153 of the Act. It is made clear that in case the Assessing Officer disposes of the objections after 10 weeks from today, he would not initiate reassessment proceedings for further period of four weeks as....