Held that the High Court allowed the assessee’s writ petition against a notice for reassessment holding that one of the reasons for reopening had already been considered by the Principal Commissioner under section 263 and in respect of which the Principal Commissioner had directed the proceedings initiated under section 263 be dropped. SLP against the order of High Court was dismissed. (AY. 2012-13)
ACIT v. Godrej and Boyce Manufacturing Co. Ltd. (2023)453 ITR 14/ 293 Taxman 311 (SC) Editorial: Decision in Godrej And Boyce Manufacturing Co. Ltd v. ACIT (2023) 453 ITR 10(Bom)(HC) is affirmed.
S. 147 : Reassessment-After the expiry of four years-Book profit-Revision was dropped-Sanction for reassessment was without application of mind-Reassessment notice and order disposing the objection was quashed.- SLP of Revenue was dismissed. [S. 148, 151, 263, Art. 136, 226]