Dismissing the appeal of the revenue the Court held that , order passed consequent to reassessment had not confirmed the addition attributable to the reasonable belief of the Assessing Officer, while passing the reassessment order . Accordingly the reassessment is held to be bad in law. ( AY.2004 -05)
PCIT v. Lark Chemicals ( P) Ltd ( 2018) 99 taxmann.com 311/259 Taxman 366 (Bom) (HC) Editorial: SLP of revenue is dismissed , PCIT v. Lark Chemicals ( P) Ltd ( 2018)259 Taxman 265 ( SC)
S. 147 : Reassessment –Order passed consequent to reassessment had not confirmed the addition attributable to the reasonable belief of the Assessing Officer, while passing the reassessment order – Reassessment is held to be bad in law.[ S.148 ]