Allowing the petition the Court held that, loan transaction was duly scrutinized by Assessing Officer in original assessment. Notice was issued on insistence of audit party, hence reassessment is held to be bad in law. (AY. 2012-13, 2013-14)
Hamilton Housewares (P.) Ltd. v. DCIT (2019) 262 Taxman 410 (Bom.)(HC) Hamilton Housewares (P.) Ltd. v. DCIT (2019) 262 Taxman 418 (Bom.)(HC)
S. 147 : Reassessment–Deemed dividend-Audit information-Loan from company-loan transaction was duly scrutinized by Assessing Officer in original assessment-Notice was issued on insistence of audit party- Reassessment is held to be bad in law. [S.2(22)(e), 148]