2011 (6) TMI 186 - HC - Income Tax

Reassessment - Assessee is not in a position to file objections to the issue on notice - The learned Counsel appearing for the Petitioner points out to the case of GKN Driveshafts(India) Ltd. v. Income Tax Officer and others((2002 -TMI - 6100 - SUPREME Court) wherein the Hon ble Supreme Court has held that the Assessing Officer is bound to furnish the reasons within a reasonable time so that the Assessee can file objections to issuance of notice and the Assessing Officer is bound to dispose of the same by passing a speaking order - Decided in favour of the assessee

Summary

The Bombay High Court directed the Revenue to furnish reasons to the Petitioner for issuing notice under Section 148 of the Income Tax Act. The Petitioner will be given an opportunity to file objections, and the Assessing Officer must pass a speaking order in accordance with the law.