{"id":8167,"date":"2019-11-12T07:59:05","date_gmt":"2019-11-12T07:59:05","guid":{"rendered":"http:\/\/itatonline.org\/digest\/cit-v-narcissus-investments-p-ltd-2019-417-itr-512-bomhc\/"},"modified":"2021-05-05T14:42:47","modified_gmt":"2021-05-05T09:12:47","slug":"cit-v-narcissus-investments-p-ltd-2019-417-itr-512-bomhc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/cit-v-narcissus-investments-p-ltd-2019-417-itr-512-bomhc\/","title":{"rendered":"CIT   v. Narcissus Investments P. Ltd. (2019) 417 ITR 512\/182 DTR 73\/ (2020) 314 CTR 833 (Bom)(HC)"},"content":{"rendered":"<p>The AO allowed the claim u\/s 80HHC\u00a0 after considering the submission of the assessee.. Despite a strong reply to the audit objection, the AO upon requiring him to take &#8220;remedial action forthwith&#8221;, had issued notice dated February 17, 2000, i.e., on the very next day, under section\u00a0148\u00a0of the Act, seeking to reopen the assessment.\u00a0 Tribunal quashed the reassessment proceedings. On appeal by the revenue dismissing the appeal the Court held that the material on record indicated that there was no independent application of mind on the part of the Assessing Officer. The notice was not valid.\u00a0 Distinguished\u00a0 IPCA Laboratories Ltd v Dy.CIT ( 2001) 251 ITR 420 ( Bom) (HC)\u00a0 (AY.1995 -96)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 147 : Reassessment  -Export business- No new material- Notice under direction of Commissioner-Reassessment is held to be not valid.  [ S80HHC, 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-8167","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-27J","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8167","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=8167"}],"version-history":[{"count":3,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8167\/revisions"}],"predecessor-version":[{"id":17609,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8167\/revisions\/17609"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=8167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=8167"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=8167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}