The Pr. Commissioner Of Income Tax ... vs Capital Power Systems Ltd.
Judges (2)
Counsel (5)
Case Significance
The Pr. Commissioner Of Income Tax ... vs Capital Power Systems Ltd. is a Delhi High Court decision dated December 13, 2024 (citation: ik-96312278). The Revenue appealed the ITAT's order holding that reassessment proceedings for AY 2007-08 against Capital Power Systems under Section 148 were time-barred and not saved by Section 150 of the Income Tax Act. The court dismissed the appeal, finding that while Rs. 7 crores had been surrendered during a search by the CEO, no prior court order or finding specifically directed this income to be assessed in the assessee's hands, meaning the conditions of Section 150 were not met. The bench comprised Justices Swarana Kanta Sharma and Vibhu Bakhru. The judgment was delivered by Justice Swarana Kanta Sharma. Counsel appearing: Inder Paul Bansal (counsel for respondent), Pooja Rani (counsel for respondent), Ruchir Bhatia (counsel for appellant), Vishal Chechi (counsel for respondent), Vivek Bansal (counsel for respondent).
Summary
The Revenue appealed the ITAT's order holding that reassessment proceedings for AY 2007-08 against Capital Power Systems under Section 148 were time-barred and not saved by Section 150 of the Income Tax Act. The court dismissed the appeal, finding that while Rs. 7 crores had been surrendered during a search by the CEO, no prior court order or finding specifically directed this income to be assessed in the assessee's hands, meaning the conditions of Section 150 were not met.
What was the outcome of The Pr. Commissioner Of Income Tax ... vs Capital Power Systems Ltd.?
The Revenue appealed the ITAT's order holding that reassessment proceedings for AY 2007-08 against Capital Power Systems under Section 148 were time-barred and not saved by Section 150 of the Income T...
Judgment
Read the full judgment on the official India Courts portal.
Read on Indian KanoonSource: Indian Kanoon (ik-96312278)