Allowing the petition the Court held that the issue of disallowance for failure to deduct tax at source on the foreign remittances made by the assessee was covered by the decision in the assessee’s own case for the assessment year 2010-11 against which order no appeal had been filed in the Supreme Court. Vedanta Ltd. (Successor of Sterlite Industries (India) Ltd.) v. ACIT (2019) 14 ITR-OL 266 (Delhi)(HC), followed. As regards one time settlement the Assessing Officer had not applied his mind in issuing the notice under section 148. Notice of reassessment and order disposing the objection is quashed. (AY.2011-12)
Vedanta Ltd. v ACIT (2023)455 ITR 146/153 taxmann.com 584 (Delhi)(HC)
S. 147 : Reassessment-After the expiry of four years-Foreign remittances-Failure to deduct tax at source-Decision in favour of assessee in earlier year-One time settlement with bank-Non application of mind by the Assessing officer-Notice and order disposing the application is quashed. [S.148,201(1) Art,226]