Manipal Financial Services vs. The Income Tax Officer

Parties Involved

Facts Summary

The assessee filed its return of income for the assessment year 2005-06 on 18.10.2005 and the original assessment was completed under section 143(3) of the Income Tax Act, 1961 on 03.12.2007. Subsequently, the assessment was reopened by issuance of notice under section 148 of the Act dated 20.03.2012. The assessee filed a letter dated 07.05.2012 requesting the Assessing Officer to treat the return filed under section 143(1) as return filed in response to the notice under section 148 of the Act. The Assessing Officer completed the assessment and added the receipts from ICICI Bank and HSBC Bank amounting to Rs.11,61,752/- and Rs.1,96,831/- respectively. The assessee preferred an appeal before the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, which was confirmed by the Commissioner. The assessee then appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the Commissioner of Income Tax (Appeals) erred in confirming the assumption of jurisdiction under section 147 of the Act and consequently confirming the reassessment order.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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