The reassessment notice was issued for failure to deduct tax at source in respect of payments made to stockists . On writ allowing the petition the court held that in the original assessment proceedings issue had been discussed and the assessee has given detailed explanation. Accordingly the order and consequential notices are set aside .Followed Aroni Commercial Ltd v . Dy.CIT ( 2014) 362 ITR 403 ( Bom) ( HC) ( AY. 2012 -13 )
Pfizer Ltd v. ACIT (2022) 285 Taxman 188 / 209 DTR 149 / 327 CTR 189(Bom)(HC)
S.147: Reassessment – After the expiry of four years – Failure to deduct tax at source – Payments to stockists – No failure to disclose material facts -Reassessment notice was quashed . [ S. 40(a)(ia), 148 , 184H , 201(1) 201(IA) , Art , 226 ]