{"id":3187,"date":"2018-12-10T11:58:40","date_gmt":"2018-12-10T11:58:40","guid":{"rendered":"http:\/\/itatonline.org\/digest\/multi-commodity-exchange-of-india-ltd-v-dcit2018-304-ctr-551-168-dtr-217-bom-hc\/"},"modified":"2019-02-23T07:15:44","modified_gmt":"2019-02-23T07:15:44","slug":"multi-commodity-exchange-of-india-ltd-v-dcit2018-304-ctr-551-168-dtr-217-bom-hc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/multi-commodity-exchange-of-india-ltd-v-dcit2018-304-ctr-551-168-dtr-217-bom-hc\/","title":{"rendered":"Multi Commodity Exchange of India Ltd. v. DCIT(2018) 304 CTR 551 \/ 168 DTR 217 \/91 Taxmann.com 265 (Bom.)(HC)Editorial: SLP of assessee is dismissed Multi Commodity Exchange of India Ltd .v. DCIT ( 2019) 260 Taxman 243 (SC)."},"content":{"rendered":"<p>Held \u00a0by the High Court that:<\/p>\n<ul>\n<li>Basis special audit report, the AO was of the opinion that assessee\u2019s claim for deduction \/ expenditures are excessive, hence it cannot be said that AO did not have reasonable belief.<\/li>\n<li>Though criminal proceedings initiated on the basis of the special audit report was quashed by HC, the considerations which come into play in criminal and tax proceedings are entirely different.<\/li>\n<li>Order disposing objections cannot be said to be suffering from non-application of mind ifAO has dealt with such objections in some detail in as much as each objection has been considered and found unacceptable.(AY .2010 -2011)<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>S. 147 : Reassessment &#8211; After the expiry of four years \u2013 Special audit report subsequent to assessment indicated claims made by the assessee for deduction and expenditures were excessive -Prima facie, no benefit of first proviso to S. 147to assessee \u2013Order disposing objections \u2013 Considered to be valid if each objection has been considered and found unacceptable \u2013 Reopening sustainable.[ S.142(2A) ,148 ]<\/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":[1],"tags":[],"class_list":["post-3187","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-Pp","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/3187","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=3187"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/3187\/revisions"}],"predecessor-version":[{"id":4038,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/3187\/revisions\/4038"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=3187"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=3187"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=3187"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}