2018 (4) TMI 49

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..... issioner of Income-Tax, New Delhi [1979 (8) TMI 1 - SUPREME Court] has held that the opinion of an internal audit party of the income tax department on a point of law cannot be regarded as “information” within the meaning of s. 147(b) of I.T. Act, 1961. The order of reassessment dated 24th May, 2003, passed by Assessing Authority, Solan; order dated 10th May, 2005, passed by Additional Excise & Taxation Commissioner-cum-Appellate Authority (South Zone), Himachal Pradeshare quashed and set aside - appeal allowed.
Mr. Sanjay Karol, And Mr. Ajay Mohan Goel, JJ. For the Petitioner: Mr. Goverdhan Sharma, Advocate, For the Respondents: Mr. Ajay Vaidya, Senior Additional Advocate General. Per Sanjay Karol, A.C.J. (Oral) At the time of hear .....

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..... me to be dismissed vide order dated 10th May, 2005, passed by Additional Excise & Taxation Commissioner-cum-Appellate Authority (South Zone), Himachal Pradesh in Appeal No. 114, 115/2003-04, titled as M/s S.D.R. Wines, Solan Vs. The Assessing Authority, Solan and thereafter by the Appellate Authority vide order dated 6th October, 2006, passed by Financial Commissioner (Appeals), Himachal Pradesh in Appeal Nos. 150, 151/2005, titled as M/s S.D.R. Wines Vs. The Appellate Authority-cum- Additional Excise & Taxation Commissioner (S.Z.), Shimla. Application filed by the assessee seeking reference, stands rejected by the Chairman of the H.P. Tax Tribunal vide order, dated 11th November, 2009, passed in Reference Application No. 1 of 2007, titled .....

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..... knew information available to the Assessing Authority for re-assessing the tax liability and that the only basis for re-assessing the liability on the applicant was that there was one notification of 10.03.1988 which has not been taken into account while making the original assessment. A notification issued under the provisions of the Act or the Rules framed thereunder, becomes part of the Act or the Rules, as the case may be and, therefore, ignorance of the Assessing Authority, about such notification at the time of original assessment, cannot be equated with non-availability of entire information. If such a notification comes to the notice of the Assessing Authority subsequently, it cannot be equated with a case of new information coming .....

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