The assessee was a sub-fund or series of Abedeen Institutional Comingled Funds , LLC (AICFL)\u00a0 a Delaware (USA) based limited liability\u00a0 Company. The losses were properly declared in the return. \u00a0\u00a0Losses were allowed for the assessment years 2011-12 and subsequent years . Revenue issued the notice u\/s 148 for denying the carry forward and set off losses u\/s 74 due to change in structure of the entity .\u00a0 On writ\u00a0\u00a0\u00a0 allowing the petition the Court held that\u00a0 the reasons recorded for reopening of assessment was preciously on the ground of change of\u00a0 status that the claim of the assessee i. e . the assessee was found to be not acceptable which led to be the formation of the belief that income chargeable to tax has escaped assessment. The contention of alternative remedy is rejected by the Court. The Court held that if the Assessing Officer had no jurisdiction to initiate reassessment proceeding, the mere fact that the subsequent orders have been passed would render the challenge to jurisdiction infructuous .\u00a0 \u00a0\u00a0If the very basis for reopening assessment does not survive , orders on such re-opening would not survive too.\u00a0 Accordingly the notice u\/s 148 was quashed and consequential draft assessment order\u00a0 passed thereafter were also held to be unsustainable .\u00a0 ( WP No. 2796 of 2019 , 2803 of 2019 , 3525 of 2019 dt 21-6-2020 ) ( AY. 2011-12 , 2012 -13)\u00a0<\/p>\n
\u00a0\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" S.147: Reassessment \u2013 Carry forward and set off losses \u2013 Change in the structure of entity from Trust to LLP \u2013 Status of an entity incorporated abroad has to be determined even in India according to the law of the Country where the entity was incorporated \u2013 Notice to reassessment was quashed [ S. 74, 148 , Art .226 ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-14568","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3MY","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14568","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=14568"}],"version-history":[{"count":4,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14568\/revisions"}],"predecessor-version":[{"id":17643,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14568\/revisions\/17643"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=14568"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=14568"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=14568"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}