78. Mrs. Usha Eswar vs. ITO and Ors.
[2024] 470 ITR 200 (Bom.)
A. Ys. 1997-98 – 2000-01
Date of order: 7th July, 2023
Ss. 147, 148, 245R and 245S of ITA 1961
Re-assessment — Notice after four years — Advance Ruling — Effect of — Binding only on Assessee and AO in relation to transactions in question — Notice for reassessment for subsequent years issued on the basis of rulings in another case — Transactions similar to those in respect of which ruling rendered in Assessee’s case — No change in law or new tangible material and independent formation of belief by the AO — Notices for re-opening invalid.
The assessee was a Non-resident Indian and was regularly assessed to tax in India in respect of income which accrued or arose in India or which was received in India. The Assessee was a resident of Dubai for several years and was a resident of the United Arab Emirates (UAE) as per the definition provided in the Double Taxation Avoidance Agreement (DTAA) between India and UAE. The Assessee had made an application to the Authority for Advance Ruling (AAR) seeking tax treatment as well as the rate of tax