Court held that at time of assessment, assessee had duly supplied certificate of foreign inward remittance of funds, tax residence certificate of foreign company, copy of ledger account showing share application money being credited in bank account and source thereof. Assessment was completed u/s. 143(3). On facts, assessee had disclosed all material facts in course of assessment. Accordingly the initiation of reassessment proceedings after the expiry of four years, merely on basis of information received from Investigation Wing was not permissible. (AY. 2011-12)
NuPower Renewables (P.) Ltd. v. ACIT (2019) 104 taxmann.com 307 / 264 Taxman 27 (Mag.) / 182 DTR 344/ 311 CTR 398(Bom.)(HC).Editorial: SLP of revenue is dismissed , ACIT v NuPower Renewables (P.) Ltd ( 2019) 267 Taxman 393 (SC)
S. 147 : Reassessment-After the expiry of four years-Cash credits – Share capital- Mauritius based company-Supplied certificate of foreign inward remittance of funds, tax residence certificate of foreign company, copy of ledger account showing share application money being credited in bank account and source – Merely on the basis of information from investigation Wing,reassessment is bad in law. [S. 68]