2018 (12) TMI 336 - SCH - Income Tax

Reopening of assessment - tangible evidence to reassessment - nondisclosure of the taxing event, i.e. allotment of shares - assessee contests that the allegations with respect to transaction value, being contrary to Section 56(2)(vii)(c) (ii) and in terms of Rule 11UA of the Income Tax Rules is plainly erroneous and cannot be the basis of a reassessment - Held that - It is not possible to take up this matter today as the Bench is not sitting in the afternoon session. The matter stands adjourned to 08.01.2019. Since the limitation period for completing the assessment is expiring, in the meantime, it would be open to the Assessing Officer to complete the assessment and pass the assessment order as well. However, till the next date of hearing that would not be given effect. We make it clear that since the matter is still at the preliminary stage and limitation is expiring, aforesaid course of action is adopted without going into the merits of the case.

Summary

The Supreme Court's order in 2018 (12) TMI 336 - SC states that the matter is adjourned to 08.01.2019. The Assessing Officer can complete the assessment before that date, but the order will not be enforced until the next hearing. The action is taken due to the case being at a preliminary stage and the limitation period expiring.