Assessee-company was engaged in the business of publishing and trading of books.It filed its return declaring total income in the status of a domestic company. Assessment was completed in the status of a domestic company. Subsequently, the Assessing Officer sought to reopen assessment on the ground that in scrutiny proceedings of assessment year 2016-17, based on the tax residency certificate submitted, the assessee was assessed as a non-resident and income was taxed at 40 per cent i.e., the foreign company rate; hence, assessee should have been taxed at the rate applicable to a foreign company. On writ, the Court held that there was no allegation regarding any failure on the assessee’s part to fully and truly disclose any material facts necessary for assessment. Accordingly, the reassessment notice and order disposing of the objection were quashed and set aside. (AY. 2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"
S.147: Reassessment-After the expiry of four years-Non-resident-Alleged short levy of tax-Merely because there is some change in the tax rate for the future assessment years, the reassessment notice was not valid-No failure to disclose material facts-Notice and order disposing of the objection was quashed.[S. 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_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-65507","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-h2z","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/65507","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=65507"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/65507\/revisions"}],"predecessor-version":[{"id":65508,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/65507\/revisions\/65508"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=65507"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=65507"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=65507"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}