Deputy Director of Income-tax & Ors. v. Sumitomo Mitsui Banking Corporation
[Citation -2016-LL-0726-113]
| Citation | 2016-LL-0726-113 |
|---|---|
| Appellant Name | Deputy Director of Income-tax & Ors. |
| Respondent Name | Sumitomo Mitsui Banking Corporation |
| Court | SUPREME COURT |
| Relevant Act | Income-tax |
| Date of Order | 26/07/2016 |
| Judgment | View Judgment |
| Keyword Tags | reassessment order • issuance of notice • written off |
| Bot Summary: | The revenue challenges the order of the High Court dated 22.02.2011 passed in Writ Petition No.140 of 2011 by which the reopening of the assessment of the respondent-assessee sought to be made by issuing a notice under Section 148 of the Income Tax Act, 1961 has been interfered with. We have gone through the order passed by the High Court. We have also perused the Signature Not Verified Digitally signed by NEETU KHAJURIA Date: 2016.07.27 17:52:13 IST reasons recorded for the reopening of the Reason: assessment of the respondent-assessee. Having regard to the fact that though the assessee has disclosed that the bad debts were transferred to Kotak Mahindra Bank Ltd. for realization, the authority recording the reasons prior to issuance of notice under Section 148 of the Income Tax Act, 1961 has specifically recorded that there was no material available on record to indicate that the bad debts have been written off as mandatorily required under Section 36(1)(vii) of the Income Tax Act, 1961 as amended with effect from 01.04.1989. We allow this appeal by setting aside the order of the High Court and dismissing the writ petition filed by the respondent-assesse challenging the said notice. We make it clear that we have expressed no opinion on the merits of the reassessment, which has been made on 24.12.2010 and it will be open for the respondent-assessee to urge all questions as 3 may be open, in law, in the event the assessee seeks to challenge the reassessment order dated 24.12.2010...,J. ...J. NEW DELHI JULY 26, 2016 ITEM NO.5 COURT NO.6 SECTION IIIA SUPREME COURT OF INDIA RECORD OF PROCEEDINGS Petition(s) for Special Leave to Appeal No(s). UPON hearing the counsel the Court made the following ORDER Delay condoned. |