The original assessment was completed under section 143(3) of the Act . the reassessment notice was issued on 30 -3 -2021 , on the ground that the advance payment of Rs . 17 , 76,08, 505 remained unexplained . The assessee filed the objection for reassessment notice and recorded reasons stating that there was no failure to disclose material facts . The AO passed the order rejecting the objections of the assessee. The assessee filed writ before the High Court . Allowing the petition the Court held that\u00a0 the Assessing Officer has not established that\u00a0 there was\u00a0 a failure on the part of the assessee to disclose all material facts . The Assessing Officer\u00a0 has no power to review . On the facts there is neither\u00a0 a new information received nor has reference been made to any new material on record . Accordingly the notice under section 148 of the Act and all connected proceedings are quashed.\u00a0 Followed , CIT v. Kelvinator of India Ltd (2010) 320 ITR 561 (SC),Jindal Photo Films v .Dy .CIT (1998) 234 ITR 170 ( Delhi)( HC)\u00a0\u00a0 .(WP No. 2840 of 2022 dt .10 -2 -2023 ) (AY. 2015 -16 )<\/p>\n","protected":false},"excerpt":{"rendered":"
S.147: Reassessment \u2013 After the expiry of four years \u2013 Loans and advances to sister concern \u2013 Allegation of colourable device – No failure to disclose material facts \u2013 Notice of reassessment and order disposing objection was quashed . [S. 69, 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-33175","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-8D5","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/33175","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=33175"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/33175\/revisions"}],"predecessor-version":[{"id":35151,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/33175\/revisions\/35151"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=33175"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=33175"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=33175"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}