The Pr. Commissioner of Income-tax, Central-2 v. Welspun Power & Steel Ltd - 2019-LL-0226-32

Citation	2019-LL-0226-32
Appellant Name	The Pr. Commissioner of Income-tax, Central-2
Respondent Name	Welspun Power & Steel Ltd.
Court	HIGH COURT OF BOMBAY
Relevant Act	Income-tax
Date of Order	26/02/2019
Judgment	View Judgment
Keyword Tags	incriminating material • undisclosed income • reopening of assessment
Bot Summary:	P.C: The Revenue is in Appeal against the Judgment of the Income Tax Appellate Tribunal, raising the following questions for our consideration: Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in quashing the order u/s. 153A stating that in absence of any incriminating material on issue which has already been examined and finalized in original assessment cannot be re examined and reopened 2 The question is squarely covered against the Revenue by the judgment of this Court in the case of CIT v/s. Continental Warehousing Corporation Ltd., 374 ITR 645, in which, it was held that, in case of finalized assessment, only undisclosed income and undisclosed assets detected during search can be brought to tax in post search assessments.

itxa 1337 2017.odt IN HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 1337 OF 2017 Pr. Commissioner of Income Tax, Central 2 .. Appellant. v/s. Welspun Power & Steel Ltd., .. Respondent. Mr. Ashok Kotangle with Mr. Prabhakar Ranshur, for Appellant. Mr. F. V. Irani i/b. Mr. A. K. Jasani, for Respondent. CORAM: AKIL KURESHI & M.S.SANKLECHA, JJ. DATE : 26th FEBRUARY, 2019. P.C: Revenue is in Appeal against Judgment of Income Tax Appellate Tribunal (in short Tribunal ), raising following questions for our consideration: Whether on facts and in circumstances of case and in law, Tribunal was justified in quashing order u/s. 153A stating that in absence of any incriminating material on issue which has already been examined and finalized in original assessment cannot be re examined and reopened? 2 question is squarely covered against Revenue by judgment of this Court in case of CIT v/s. Continental Warehousing Corporation (NHAVA SHEVA) Ltd., 374 ITR 645, in which, it was held that, in case of finalized assessment, only undisclosed income and undisclosed assets detected during search can be brought to tax in post search assessments. No question of law, therefore, arises. S.R.JOSHI 1 of 2 ::: Uploaded on - 28/02/2019 ::: Downloaded on - 01/03/2019 13:42:41 ::: itxa 1337 2017.odt 3 In result, Appeal is dismissed. (M.S.SANKLECHA,J.) (AKIL KURESHI,J.) Pr. Commissioner of Income-tax, Central-2 v. Welspun Power & Steel Ltd

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