Assessee filed its return of income which was accepted and an assessment order was passed. The\u00a0 Assessing Officer issued a reopening notice after period of four years on ground that guarantee fee claimed by assessee pertaining to financial year 2013-14 but booked in financial year 2015-16 was not allowable in assessment year 2014-15. On writ the Court held that the\u00a0 reasons for reopening did not allege any failure on part of assessee to disclose fully and truly all material facts anywhere in assessment. There was no fresh tangible material which would empower Assessing Officer to reopen assessment.Further, issue of ‘guarantee fee’ was pending consideration before Tribunal and thus Assessing Officer was debarred from initiating reassessment proceedings on that very issue.Reassessment proceedings\u00a0 was\u00a0 quashed. \u00a0(AY. 2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"
S.147: Reassessment-After the expiry of four years- Transfer pricing-Arms\u2019 length price-Avoidance of tax-International transaction-Gurantee fees- Pending before Tribunal- Court held that the Assessing Officer was debarred from initiating reassessment proceedings on that very issue -Re assessment notice and order disposing the objection was quashed. [S.92C, 143(3), 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-59055","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-fmv","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59055","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=59055"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59055\/revisions"}],"predecessor-version":[{"id":59056,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59055\/revisions\/59056"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=59055"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=59055"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=59055"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}