| Case ID |
1f39db9c-cb30-4721-97ef-567379205634 |
| Body |
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| Case Number |
Civil Appeal No. 1790 of 1979 |
| Decision Date |
Nov 20, 1996 |
| Hearing Date |
|
| Decision |
The Supreme Court dismissed the appeal filed by Waldies Ltd against the Commissioner of Income Tax. The court held that the Income Tax Officer was justified in rectifying the surtax assessment following the cancellation of the reassessment under the Income Tax Act. The court emphasized that the income-tax assessment is integral to the surtax assessment proceedings and that rectification could be made to address errors in earlier orders. The court ruled that the rectification was within the permissible limitation period, as it sought to restore the original assessment rather than amend it unjustly. |
| Summary |
In the landmark case of Waldies Ltd v. Commissioner of Income Tax, the Supreme Court of India addressed critical issues surrounding the rectification of surtax assessments under the Indian Companies (Profits) Surtax Act, 1964, and the Income Tax Act, 1961. The court ruled on the legitimacy of the Income Tax Officer’s actions in rectifying a surtax assessment following an appeal that canceled an earlier reassessment under the Income Tax Act. The decision underscored the interconnectedness of income tax and surtax assessments, clarifying that the records of income tax assessments are integral to the surtax process. This case is significant for tax law practitioners and companies alike, as it highlights the procedural aspects of tax rectification and the judicial interpretation of statutory provisions. The ruling reaffirms the principle that rectifications can be made to correct errors in tax assessments, thereby ensuring fair treatment of taxpayers. The decision also emphasizes the importance of timely action within the specified limitation periods for rectifications, providing guidance for future cases involving tax assessments and rectifications. |
| Court |
Supreme Court of India
|
| Entities Involved |
Not available
|
| Judges |
B.P. Jeevan Reddy,
S.C. Sen
|
| Lawyers |
P.K. Mukherjee,
S.K. Bandyopadhya,
P.A. Chaudhary (B.S. Ahuja)
|
| Petitioners |
Waldies Ltd
|
| Respondents |
Commissioner of Income Tax
|
| Citations |
1997 SLD 170,
1997 PTD 1394,
(1997) 223 ITR 163,
(1996) 76 TAX 167
|
| Other Citations |
(1978) 115 ITR 286
|
| Laws Involved |
Income Tax Act, 1961,
Indian Companies (Profits) Surtax Act, 1964
|
| Sections |
147,
13
|