Alps Industries Ltd. v. Principal Commissioner of Income-tax & Another
[Citation -2017-LL-0810-3]
| Citation | 2017-LL-0810-3 |
|---|---|
| Appellant Name | Alps Industries Ltd. |
| Respondent Name | Principal Commissioner of Income-tax & Another |
| Court | HIGH COURT OF ALLAHABAD |
| Relevant Act | Income-tax |
| Date of Order | 10/08/2017 |
| Judgment | View Judgment |
| Keyword Tags | escapement of assessment |
| Bot Summary: | Sri Gaurav Mahajan, learned counsel has appeared for the respondent. The petitioner has come up in this petition against the notice dated 30.03.2017 whereby in respect to the assessment year 2010-11, the Deputy Commissioner of Income Tax has opined that certain income of the assessee has escaped assessment and therefore, the income is liable to be recomputed. The petitioner has been supplied with the reasons for the belief that income has escaped assessment vide letter dated 01.06.2017. Against the aforesaid reasons so supplied, the petitioner has a remedy of filing his objections, if any, which the petitioner has already filed on 07.08.2017. In view of the decision of the Supreme Court in GKN Driveshafts Ltd. Vs. ITO others 259 ITR 19, against the reasons supplied for recomputing or reassessing the income of the assessee, he has a remedy of filing objections and once such objections are filed the assessing authority is competent to decide the same by a speaking order. Accordingly, as the objections of the petitioner are pending, we do not deem it fit to interfere in the matter at this stage and leaves it is open the assessing authority to consider and decide the objections in accordance with the decision of the Supreme Court referred to above most expeditiously. The petitioner may draw appropriate proceedings thereafter. |