TII FLASH
CBDT grants exemption to Competition Commission of India
CBDT amneds Rule 10THA and Rule 10THC to insert certain words (See 'Notification' in Intl Taxation)
CASE LAW
2016-TII-09-HC-DEL-INTL
MUNJAL SHOWA LTD Vs DCIT: DELHI HIGH COURT (Dated: February 22, 2016)
Income Tax - Sections 14A, 142(1), 144C, 145, 148, 263 - Rule 8D.
Keywords - reasons to believe - complete disclosure - change in opinion.
Whether assessment can be reopened when the AO did not apply his mind independently and went by the order of the CIT - NO: HC
Whether assessment can be reopened when nothing prevented CIT from exercising powers under sec. 263 when it was felt by him that the order of the AO was prejudicial to the interest of the Revenue - NO: HC
Whether assessment can be reopened when the assessee has made complete and sufficient disclosure of the facts during the original assessment proceedings - NO: HC
Whether reasons for reopening of assessment can be improved upon by filing subsequent affidavits - NO: HC
Assessee's writ petition allowed