INCOME TAX
R.KANDASUBRAMANIAN
(Querist) 31 March 2010
This query is : Resolved
THE INCOME TAX Proceedings was dropped under section 263 of the IT act by the CIT.
but, ITO issued notice u/s 148. Is it valid for the asst year 2005-06.
Vineet
(Expert) 01 April 2010
The revision proceeding u/s 263 could have been dropped by CIT due to lack of substance in the matter.
The ITO is entitled to reopen the case for AY 2005-06 by recording reasons to such effect. You may ask for copy of reasons and verify whether it is same issue or some other matter. Accordingly further course of action can be decided. Certainly case cannot be reopened on the same issue as it will amount to change of opinion unless some new evidences and facts have come on record.
soumitra basu
(Expert) 02 April 2010
YOU ARE REQUESTED TO CONSULT THE SUPREME COURT DECISION IN RESPECT OF PROCEDURE, SUBMISSION OF RETURN, OBJECTION FOR RE-OPENING AND DISPOSAL OF THE SAME. I THINK YOU WILL BE BENEFITED.
Kumar Thadhani
(Expert) 05 April 2010
Once the proceedings under section 263 are dropped by the CIT as said by you due to lack of substance, the same for the same assessment year could be reopened.Ask your AO who had issued notice u/s 148 of the Income Act 1961 it could other matter or for the different year or the notice could have been erroneous issued.
