TaxTMI 
TaxTMI 
2022 (3) TMI 849
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....itions were heard together and are being disposed of by this common order. 2. The Assessment Year is 2013-14 and 2015-16. In respect of which, notices under Section 148 of the Income Tax Act, 1961 (in short 'the Act') to reopen under Section 147 of the Act has been issued by the respondent-Revenue on 18.03.2021 and 29.03.2021 respectively. 3. Pursuant to the notices issued under Section 148 of the Act, after filing the return, the assessee sought for the reasons for such reopening under Section 147 of the Act. In response to the same, the respondent-Revenue has given the reasons, not accepting the said reasons, objections had been filed by the assessee in both the cases. Having considered the said objections, the Revenue had rejec....
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....nd until, the subsidiary company has earned such income and the same if it is not disclosed. 6. Here in the case in hand, according to the learned counsel appearing for the petitioner, the very reasoning given for reopening the assessment under Section 147 of the Act itself is without any substance. Therefore, based on which, the reopening cannot be permitted to go on. Hence, challenging the orders issuing notices under Section 148 of the Act for reopening as well as the rejection orders rejecting the objections raised by the petitioner in both the cases, since these writ petitions have been filed, those orders are liable to be set aside and the writ petitions may be allowed, he contended. 7. Heard Mrs.Hema Muralikrishnan, learned Senior ....
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....ncluding the order of rejection made on the objections raised by the petitioner are untenable and therefore, on that ground, the learned Senior Standing Counsel seeks dismissal of these writ petitions. 8. I have considered the said rival submissions made by the learned counsel appearing for the parties. 9. Insofar as the reopening of the assessment under Section 147 of the Act by issuing notice under Section 148 of the Act is concerned, the issue has been settled by the Hon'ble Supreme Court in the case of GKN Driveshafts (India) Ltd Vs. Income Tax Officer and others reported in (2003) 1 SCC 72, where, the Hon'ble Supreme Court has stated the following : "5. We see no justifiable reason to interfere with the order under challeng....
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....been brought or rooted through the P & L account i.e., the Profit and Loss Account of the relevant Financial Year and this has been unearthed subsequently only by the Revenue and prima facie, according to the Revenue, there has been a net freight of Rs. 29,50,53,532/- collected through the Indian Subsidiary company after allowing the expenditure, which according to the Revenue, is escaped assessment. 13. Though it was vehemently contended by the learned counsel appearing for the petitioner that, these kind of transactions and the income derived by the assessee company had already been disclosed in the earlier years, whether that would preclude the Revenue from reopening the assessment for the present Assessment Years i.e., 2013-14 and 2015....