Allowing the petition the Court held that there was no new tangible material. Court also held that review of the assessment to rectify earlier error or omission is not valid. Accordingly the notice and order disposing the objection is quashed. (AY. 2016-17)
Kalinga Institute of Industrial Technology (KIT) v. ACIT(E) (2024) 337 CTR 108 (Orissa) (HC)
S. 147 : Reassessment-With in four years-No new tangible material-Review of the assessment to rectify earlier error or omission-Notice and order disposing the objection is quashed. [S. 148, 263, Art. 226]