| Case ID |
0044c198-4a30-42cf-8938-e9cbfb344f8a |
| Body |
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| Case Number |
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| Decision Date |
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| Hearing Date |
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| Decision |
The court ruled that the issue at hand was already covered by prior judgments regarding the right to claim losses under section 32(1) during reassessment proceedings. The Tribunal's decision to allow the claim was upheld, and it was determined that no useful purpose would be served by further legal reference on this matter. The application for reference was dismissed, affirming the Tribunal's authority to consider such claims during reassessment. |
| Summary |
This case involves a significant interpretation of the Income-tax Act, particularly regarding the rights of taxpayers to claim losses during reassessment proceedings. The Bombay High Court addressed the legal question of whether an assessee can make a fresh claim for loss under section 32(1) during reassessment when such a claim was not made in the original assessment. The court referenced previous judgments, affirming that reassessment is essentially a fresh assessment, allowing taxpayers the opportunity to present claims that were not initially made. This ruling has implications for future tax assessments and reassessments, emphasizing the need for clarity in tax law as it relates to the rights of taxpayers and the responsibilities of tax authorities. This case is crucial for legal practitioners and tax professionals, highlighting the importance of understanding the nuances of reassessment procedures in tax law. |
| Court |
Bombay High Court
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| Entities Involved |
Commissioner of Income Tax,
American President Lines Ltd.
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| Judges |
MRS. SUJATA MANOHAR,
T.D. SUGLA
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| Lawyers |
G.S. Jetly,
Ms. Majula Singh,
K.C. Sidhwa,
A.V. Sonde
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| Petitioners |
Commissioner of Income Tax
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| Respondents |
American President Lines Ltd.
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| Citations |
1992 SLD 1480,
(1992) 194 ITR 571
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| Other Citations |
New Kaiser-I-Hind Spg. & Wvg. Co. Ltd. v. CIT [1977] 107 ITR 760,
CIT v. Indian Rare Earth Ltd. [1990] 181 ITR 22 (FB),
CWT v. Ballarpur Industries Ltd. [1979] 118 ITR 711,
CWT v. C. Ravindran [1977] 107 ITR 547,
V. Jaganmohan Rao v. CIT [1970] 75 ITR 373,
Kevaldas Ranchhodas v. CIT [1968] 68 ITR 842
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| Laws Involved |
Income-tax Act, 1961
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| Sections |
256,
32(1)
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