| Case ID |
51317f92-94b9-4f69-b5f1-8fa2ac1df5ad |
| Body |
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| Case Number |
Petitions for special leave to Appeal (Civil) Nos. |
| Decision Date |
Mar 25, 1998 |
| Hearing Date |
|
| Decision |
The Supreme Court ruled that upon reopening the original assessment order and issuing a fresh order of assessment of the entire income of the assessee, the previous assessment order is rendered ineffective. This decision clarifies the implications of reassessment under Section 147 of the Income Tax Act, 1961, emphasizing that once a fresh assessment is made, it supersedes the original assessment. The Court also noted that the matter had been previously addressed by other benches, highlighting inconsistencies in judicial interpretations. Consequently, the earlier assessment order was determined to be effaced, and the special leave petitions were dismissed. |
| Summary |
This case revolves around the interpretation of the Income Tax Act, 1961, particularly Section 147 concerning reassessment. The Supreme Court addressed the implications of making fresh assessments and clarified that such orders effectively nullify prior assessments. The case involved multiple citations and highlighted the need for consistent judicial reasoning on tax assessments. The ruling also pointed out that dissonant views had emerged from different benches on similar issues, necessitating a conclusive interpretation. This decision serves as a crucial reference for future cases involving income tax reassessments, establishing a precedent that impacts taxpayers and legal practitioners alike. It underscores the importance of understanding the nuances of tax law and the procedural intricacies of reassessment, making it a significant case for legal professionals specializing in tax litigation. Keywords: Income Tax Act, reassessment, Supreme Court, tax law, legal precedent. |
| Court |
Supreme Court of India
|
| Entities Involved |
|
| Judges |
S. C. AGRAWAL,
S. SAGHIR AHMAD,
M. SRINIVASAN
|
| Lawyers |
Ranbir Chandra,
Anil Srivastava,
B. Krishna Prasad,
Harish N. Salve,
Ashok Kulkarni,
Ms. Rachana Joshi Issar
|
| Petitioners |
another,
Income Tax OFFICER
|
| Respondents |
others,
K.L. SRIHARI (HUF)
|
| Citations |
2002 SLD 84,
2002 PTD 522,
(2001) 250 ITR 193
|
| Other Citations |
I.T.O. v. K.L. Srihari (HUF) (1992) 197 ITR 694,
CIT v. Sun Engineering Works (P.) Ltd. (1992) 198 ITR 297 (SC),
ITO v. Mewalal Dwarka Prasad (1989) 176 ITR 529 (SC),
Jaganmohan Rao (V.) v. CIT and EPT (1970) 75 ITR 373 (SC)
|
| Laws Involved |
Income Tax Act, 1961
|
| Sections |
147,
215
|