TaxTMI 
TaxTMI 
2018 (3) TMI 1356
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....ted 29 March 2017 and the order passed rejecting the objections raised by the Petitioner on 9 November 2017 and the reassessment proceedings for the Assessment Year 2010-11, be quashed and set aside. 3. The Petitioner is a Company incorporated under the Companies Act. The petition concerns the Assessment Year 2010-11. The Petitioner had filed its return of income for the Assessment Year 2010-11. The case was selected for scrutiny. Notices under Sections 143(2) and 142 (1) of the Act were served on the Petitioner. The Petitioner was also served with a questionaire on 19 February 2013, which the Petitioner replied on 22 February 2013, giving certain particulars. The Petitioner gave response to the query raised in the questionaire as regards ....
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....has reason to believe that any income has chargeable to tax has escaped assessment, is he empowered to reopen the assessment as per the conditions laid down. The proviso to Section 147, however, mandates that the reassessment shall not be initiated after the expiry of four years from the end of the relevant assessment year, unless there is a failure on the part of the assessee to disclose fully and truly all material facts necessary for his assessment. Through various decisions of the Apex Court as well as this Court, the legal position is settled that the failure on the part of the assessee fully and truly to disclose all material facts, is jurisdictional requirement for the purpose of proceeding to reassess the income. It is also an estab....
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.... scrutiny, the Petitioner was specifically confronted with the questions as regarding the transaction in respect of the sale of shares of Goa Carbon Limited. The Petitioner was specifically asked why the profits from sale should not be taxed. The Petitioner replied to this question and explained that the Petitioner is a wholly owned subsidiary of Esmeralda Investments Private Limited and transfer of capital asset to Esmeralda Investments Private Limited is not regarded as a transfer. It was not the case of the Petitioner that the transfer is exempted under the provisions of Section 10 (38) of the Act but, it was the contention of the Petitioner that it is not a transfer at all. The contention based on Section 10 (38) was invoked for the pur....
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....e the Assessing Authority namely that the concerned Company was a wholly owned subsidiary Company and the transfer share does not amount to transfer. After disclosing this position, the Assessing Officer accepted the explanation of the Petitioner. The Apex Court in the case of Gemini Leather Store Vs. Income Tax Officer, B-Ward and others [(1975) 100 ITR 1 (SC) has observed that in every assessment proceeding the assessing authority will, for the purpose of computing or determining the proper tax due from an assessee, require to know all the facts which help him in coming to the correct conclusion. From the primary facts in his possession, whether on disclosure by the assessees, or discovered by him on the basis of the facts disclosed, or o....