The reassessment notice was issued for failure to deduct tax at source on foreign remittances. Allowing the petition the Court held that there was no failure to disclose material facts. Issue was considered in the original assessment proceedings though not specifically dealt in the assessment order. Reassessment notice was quashed. Followed Calcutta Discount Co Ltd v. ITO (1961) 41 ITR 191 (SC), CIT v. Kelvinator India Ltd (2010) 320 ITR 561 (SC). (AY. 2014-15)
Oracle Financial Services Software Ltd v. Dy. CIT (2022) 210 DTR 33 / 325 CTR 95 (Bom.)(HC)
S. 147 : Reassessment-Within period of four years-Change of opinion-Foreign remittance-Failure to deduct tax at source-No failure to disclose material facts-Issue was considered in the original assessment proceedings-Not specifically dealt in the assessment order-Reassessment notice was quashed. [S. 14, 40(a)(i), 90, 91, 92CA(3), 143(3), 148, 195, Art. 226]