Merely on basis of Shah Commission’s Report opining that there was under-invoicing of export price by iron-ore miners and exporters, reassessment could not be initiated

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Merely on basis of Shah Commission’s Report opining that there was under-invoicing of export price by iron-ore miners and exporters, reassessment could not be initiated

• The petition was carrying on business of mining and export of iron ore. After scrutiny, assessment order under section 143(3) was passed. On basis of information of Shah Commission Report that there was under invoicing of export by exporters of iron ore, Assessing Officer initiated reassessment.

• Held that since under-invoicing was nothing but a matter of expression of opinion by Commission, Assessing Officer could not follow same as primary for reopening assessment. As Assessing Officer had not applied his mind to this aspect of matter, reassessment order was to be quashed as there was nothing to indicate that any particular income has accrued to anyone as a result of such difference in prices.

[2019] 107 taxmann.com 388 (Bombay)

HIGH COURT OF BOMBAY

Sesa Sterlite Ltd.

v.

Assistant Commissioner of Income Tax, Goa

S.C. GUPTE AND NUTAN D. SARDESSAI, JJ.

WRIT PETITION NOS. 141,233/2015 & OTHERS

JULY  9, 2019

R.G. Ramani, Adv. for the Petitioner. K.V. Aravind, Sr. Standing Counsel, Y.V. RavirajMs. Susan Linhares and Ms. Amira Razaq, Standing Counsel for the Respondent.

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