{"id":24853,"date":"2022-02-11T14:39:37","date_gmt":"2022-02-11T09:09:37","guid":{"rendered":"https:\/\/itatonline.org\/digest\/tata-sons-limited-v-dy-cit-bom-hc-www-itatonline-org\/"},"modified":"2022-02-11T14:39:37","modified_gmt":"2022-02-11T09:09:37","slug":"tata-sons-limited-v-dy-cit-bom-hc-www-itatonline-org","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/tata-sons-limited-v-dy-cit-bom-hc-www-itatonline-org\/","title":{"rendered":"Tata Sons Limited v. Dy.CIT (Bom) (HC)) www.itatonline.org"},"content":{"rendered":"<p style=\"text-align: justify;line-height: 18.0pt\"><span style=\"font-family: 'Bookman Old Style',serif;color: black\">The assessment was completed under section 143(3) of the Act and thereafter the rectification order was passed under section 154 of the Act. The assessment was reopened and the order was passed. The assessment was once again reopened beyond period of four years on the ground that<span class=\"apple-converted-space\"><b>\u00a0<\/b><\/span>there has been an escapement of assessment on the ground the sale of shares of TCS Division by Petitioner was nothing but business income and therefore the profits arising out of the sale of shares held by Petitioner in the group companies would be treated as Petitioner\u2019s income from business, and not profits arising out of sale of investment. On writ the Court held that the reasons for re-opening the assessment is based on incorrect facts or conclusions, certainly the notice issued for re-opening cannot be sustained also indicates non- application of mind where the scrutiny assessment was completed and order under section 143(3) of the Act has been passed followed by a rectification order under section 154 of the Act. Therefore, Petitioner\u2019s case has been considered at two stages, (i) When the assessment order was passed after scrutiny under section 143(3) of the Act and (ii) When an order under section 154 of the Act was passed. The Court held that the reassessment is based on change of opinion. Accordingly, the reassessment proceeding was quashed. (WP. No. 2545 of 2010 dated February 3, 2022 (AY 2005-06)<span class=\"apple-converted-space\">\u00a0<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>S.147: Reassessment \u2013 After the expiry of four years &#8211; No failure to disclose material facts \u2013 Change of opinion \u2013 Capital gains or business income \u2013 Sale of shares \u2013 Reassessment proceedings are quashed. [ S. 28(i), 45, 148, 154, 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-24853","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-6sR","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/24853","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=24853"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/24853\/revisions"}],"predecessor-version":[{"id":24854,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/24853\/revisions\/24854"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=24853"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=24853"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=24853"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}