Amish Anantrai Modi Vs. Dy.Commissioner of Income Tax Central Circle 2(1), Mumbai

Parties Involved

Facts Summary

The assessee, Amish Anantrai Modi, originally had an assessment framed under section 143(3) read with section 153C of the Income Tax Act, 1961, which was quashed by the Coordinate Bench of the Tribunal in ITA No.1312/Mum/2021. Subsequently, the Assessing Officer initiated reassessment proceedings under section 147 of the Act, seeking to disallow the cost of acquisition of shares. The assessee filed objections against the reopening of the assessment, but these objections were not disposed of by the Assessing Officer prior to completing the reassessment, in violation of the procedure laid down by the Supreme Court in GKN Driveshafts (India) Ltd. vs. ITO. The assessee appealed against the reassessment order, contending that the proceedings were void ab initio due to this procedural lapse.…

Legal Issues

• 1. Validity of the reopening of assessment under section 147 of the Income Tax Act, 1961.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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