Allowing the petition the High Court held that a notice of reopening which is once issued would remain in operation unless it is specifically withdrawn, quashed or gets time barred. High Court also held that where first notice of reopening of assessment was not withdrawn, it was not permissible in law to issue fresh notice of reopening. SLP of Revenue is dismissed, in view of CBDT Circular No. 17/2019 dated 8-8-2019 amount of tax involved was low. (AY. 2010-11)
Dy. CIT v. Marwadi Shares & Finance Ltd. (2023) 294 Taxman 600 (SC) Editorial: Marwadi Shares & Finance Ltd v. Dy.CIT (2018) 407 ITR 49/ 94 taxmann.com 398 (Guj)(HC)
S. 148 : Reassessment-Notice-Reassessment notice issued would remain in operation unless it is specifically withdrawn, quashed or gets time barred-SLP of Revenue is dismissed as the amount of tax in dispute is low. [S. 147.]