ITA Nos.1170 & 1171/Chny/2024 (AY 2016-17) M/s. IDFC First Bank Ltd.

Parties Involved

Facts Summary

The case involves an appeal by M/s. IDFC First Bank Ltd. against the re-assessment order passed by the Assessing Officer (AO) dated 31.03.2022 for the Assessment Year (AY) 2016-17. The appellant challenged the re-opening of assessment under Section 147 of the Income Tax Act, 1961, and the consequent re-assessment order. The appellant argued that the AO failed to follow the binding directions of the Hon'ble Supreme Court in the case of M/s. GKN Driveshafts (India) Ltd., which mandates that the AO must dispose of the objections raised by the assessee against the re-opening of assessment by passing a speaking order before proceeding with the re-assessment. The appellant also claimed that the AO did not provide a four-week gap between the disposal of objections and the framing of the re-assessment order, as directed by the Hon'ble Bombay High Court in the case of Asian Paints Ltd. and Bharat Jayantilal Patel.…

Legal Issues

• 1. Whether the AO failed to comply with the binding directions of the Hon'ble Supreme Court in the case of M/s. GKN Driveshafts (India) Ltd.?
• 2. Whether the AO's failure to comply with the directions of the Hon'ble Supreme Court vitiates the re-assessment order?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

• Raghubir Singh Punia vs. ITO

  Delhi bench

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

  Mumbai benchAY 2013-14Allowed

• Lintec India Pvt. Ltd. Vs. DCIT

• Teva Pharmaceutical & Chemical Industries India Pvt. Ltd. Vs. DCIT

  Delhi Bench ‘H’ New Delhi benchAY 2020-21Allowed

• DAR HOUSING LIMITED Vs. ASSESSMENT UNIT

  Delhi bench

• Samsung Data Systems India Pvt. Ltd. Vs. ITO

  Delhi Bench ‘H’ New Delhi benchAY 2020-21Allowed