IT re-assessment must be objective
“Oversight, inadvertence or mistake of the Assessing Officer or error discovered by him on reconsideration of the same material does not give him power to reopen a concluded income tax assessment,” the full bench of the Karnataka High Court stated in its judgment, Dell India vs CIT. The court, citing Supreme Court judgments, reiterated that while applying Section 147 of the
IT Act (income escaping assessment) for reopening concluded assessment, "reason to believe" mentioned in the clause cannot be based on mere change of opinion of the officer. In this case, the computer company was assessed in 2009-10, but in 2014 notice was issued to it mentioning “reason to believe” that certain income had escaped assessment. Dell contended that it was a mere change of opinion of the officer and not based on tangible material. The full bench, after clarifying the law, left it to the normal bench to decide the merits of the issue in the Dell case.
The biggest party in Italy’s parliament swung its weight behind Premier-designate Mario Draghi, assuring him broad cross-party support as he prepares to form a government.
Members of the Five Star Movement, which has anti-establishment roots and has long denounced bankers and technocrats, voted online by 59% in favour of backing the former head of the European Central Bank. They were asked whether they wanted the movement to support a
Draghi-led government which would place strong emphasis on green policies.
Draghi has now forged a parliamentary majority following two rounds of talks with political leaders, and he’s expected to report back to President Sergio Mattarella with his cabinet picks as early as this week. Other backers include the center-left Democratic Party and the anti-migrant League of
Matteo Salvini.
In talks with party leaders Draghi has prioritised countering the pandemic and kick-starting Italy’s vaccination campaign, reviving the economy using the country’s $254 billion share of the European Union’s recovery package, and pushing for a common euroarea budget. Numerically, Draghi does not need Five Star, though the party’s support will allow him to muster wide consensus across the political spectrum.
The online vote exacerbated tensions within Five Star, with Alessandro Di Battista, one of its most prominent members, saying after the outcome was announced that he’d leave the party.
Members of the Five Star Movement, which has antiestablishment roots and has long denounced bankers and technocrats, voted online by 59% in favour of backing the former ECB head