GLIMPSE OF A LATEST VERDICT* Coca-Cola India P. Ltd. v. Dy. Commissioner of IT & Ors Dated: 26.11.2021 Reported: [2022] 440 ITR 20 (Bom) *Honourable K. R. Shriram & Hon’ble Justice Amit B. Borkar* in the matter relating to

[1/20, 07:58] Sekarreporter 1: *GLIMPSE OF A LATEST VERDICT*
Coca-Cola India P. Ltd. v. Dy. Commissioner of IT & Ors
Dated: 26.11.2021
Reported:
[2022] 440 ITR 20 (Bom)

*Honourable K. R. Shriram & Hon’ble Justice Amit B. Borkar* in the matter relating to *“Reassessment – Notice after 4 years – Section 147, 148”* disposed of the writ petition, quashing and setting aside the impugned Reassessment Notice under Section 148 of the Income Tax Act, 1961 and further observed and held as follows:

i) As per proviso to Section 147 of the Act, if assessment is being reopened after the expiry of four years from the relevant assessment year, it will be time barred unless the assessee had failed to disclose material facts that were necessary for the assessment for that assessment year.

ii) Counsel for Respondent relied on Crompton Greaves Lts. V. Asst. CIT [2015] 55 taxmann.com 59 (Bom), to submit that even if the reason for reopening does not specifically state any failure of assessee to disclose all material facts, it would not be fatal to the assumption of jurisdiction under Sections 147 and 148 of the Act. However, this Hon’ble Court pointed out that the same is subject to the rider that there must be cogent and clear indication in the reasons supplied. If no case of failure to disclose is made out, then it would be ultra vires Sections 147 and 148 of the Act.

iii) Another judgement of the Bombay High Court in Hindustan Level Ltd. v. R.B. Wadkar, Asst. CIT [(2004) 268 ITR 332 (Bom)] was referred.
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