Wp/657/2011 Of Sumitomo Mitsui Banking Corporation v. Deputy Director Of Income-Tax (International Taxation) 2(1)

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION WRIT PETITION (LOD) NO.140 OF 2011 Sumitoma Mitsui Banking Corporation ..Petitioner. V/s. The Deputy Director of Income Tax (IT)-2(1)& Ors. ..Respondents. Mr. R. Murlidharan with A.K. Jasani for petitioner.Mr. Suresh Kumar for respondents. CORAM : J.P. DEVADHAR AND MRS. MRIDULA BHATKAR, JJ. DATED : 22ND FEBRUARY, 2011 P.C. :- 1. Heard. Rule. 2. By consent of the parties, appeal is taken up for final hearing. 3.Challenge in this petition is to the notice dated 30/3/2010 issued under Section 148 of the Income Tax Act, 1961 seeking to reopen the assessment for AY 2004-05. On perusal of the reasons recorded by the assessing officer for reopening the assessment, it is seen that the assessment is sought to be reopened only on the ground that the bad debts have not been proved to have become irrevocable. Counsel for the parties state that the aforesaid question is answered against the revenue by the Apex Court in the case of T.R.F. Ltd. V/s. Commissioner of Income Tax reported in [2010] 323 I.T.R. 397(S.C.). 4.In this view of the matter, rule is made absolute. The notice dated 30/3/2010 and the draft reassessment dated 24/12/2010 pursuant to the notice dated 30/3/2010 are quashed and set aside with no order as to costs. (MRS. MRIDULA BHATKAR, J.) (J.P. DEVADHAR, J.)