The Commissioner Of Income Tax - 1, Mumbai v. Weizmann Limited

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.4167 OF 2010 The Commissioner of Income Tax - 1, Mumbai..Appellant. Versus Weizmann Limited ..Respondent. Mr.Vimal Gupta for the appellant.Mr.Atul K. Jasani for the respondent. CORAM : J.P. Devadhar & A.A. Sayed, JJ. P.C. : DATE : 25[th] July, 2011. 1.Whether the Tribunal was justified in quashing the reassessment proceedings initiated against the assessee for assessment year 2000-01 beyond four years from the end of relevant assessment year is the question raised in this appeal. 2.The Tribunal has quashed the reassessment proceedings on the ground that there was no failure on the part of the assessee to disclose fully and truly all material facts necessary for the purpose of assessment and mere fact that Section 80HHC (3) has been amended with retrospective effect from 1st April 1998 by the Taxation Laws Amendment Act, 2005, cannot be a ground to reopen the assessment beyond four years. 3.In this view of the matter, no fault can be found with the order of the Tribunal in quashing the reassessment proceedings. The appeal is accordingly dismissed with no order as to costs. (A.A. Sayed, J.) (J.P. Devadhar, J.)