2021 (7) TMI 173

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..... N.V. Balaji For Respondents : Mr. D. Prabhumukunth Arunkumar Standing counsel [For Income Tax] ORDER The Notice issued under Section 143(2) of the Income Tax Act in proceedings dated 04.03.2016 is under challenge in the present writ petition. 2. The petitioner is a wholly owned subsidiary of McKinsay & Company, Inc. was incorporated on 16th June 1997 as a Private Limited company with....

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....ed by the respondent. After considering all the documents as well as the informations provided by the petitioner, the Transfer Pricing Officer passed his order and communicated the same to the Assessing officer, who in turn, completed the assessment under Section 143(3) of the Act and passed the assessment order on 13.03.2013, accepting the income returned by the petitioner. While so, the responde....

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....39;ble Supreme Court of India, re-opening of assessment proceedings in the case of GKN Driveshafts India Ltd., Vs. ITO reported in (2003) 259 ITR 19 (SC) has not been complied with. Thus, the impugned notice is liable to be set aside. 7. The authority competent under the Statute is expected to furnish reasons for every decision taken. Two components are of paramount importance. Adherence of the....

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....opinion that reopening of assessment is made with reference to the conditions stipulated in the proviso clause to Section 147 of the Act. Conditions under the provisions are mandatory. In order to establish the compliance of conditions, the authority competent must provide reasons, stating that the conditions stipulated in the proviso clause has been complied with. Thus, a non-speaking order in th....