The High Court has denied the petitions filed by the Congress against tax reassessment proceedings
On March 20, the High Court reserved its decision on the petitions submitted by the political party concerning tax reassessment proceedings conducted by authorities for the consecutive years of 2014-15, 2015-16, and 2016-17.
A bench comprising Justices Yashwant Varma and Purushaindra Kumar Kaurav pronounced the verdict, stating, “We dismiss the writ petitions.” A detailed order is yet to be issued.
On March 20, the high court had withheld its decision on the petitions filed by the political party challenging the tax reassessment proceedings conducted by the authorities for three consecutive years: 2014-15, 2015-16, and 2016-17.
The party has challenged the reassessment proceedings, arguing that they were time-barred.
Senior advocate Abhishek Singhvi, appearing for the Congress party, argued that the tax reassessment proceedings are time-barred, and the Income Tax department could only reassess up to a maximum of six assessment years.
However, the Income Tax department contended that the tax authority did not violate any statutory provision and based on the recovered material, the undisclosed income by the party exceeds ₹ 520 crore.
Recently, the high court declined to intervene with the decision of the Income Tax Appellate Tribunal, which refused to halt a notice issued by the Income Tax department to the Congress for the recovery of overdue taxes exceeding ₹ 100 crore.
The assessing officer issued a tax demand exceeding ₹ 100 crore for the assessment year 2018-19, based on an assessed income of over ₹ 199 crore.
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