Dismissing the appeal of the Revenue the Court held that the Tribunal had found that a reading of the reasons recorded for the reassessment clearly established that the reasons supplied to the assessee were not the same reasons recorded and found in the assessment record. The Tribunal was right in holding that the order of reassessment was not valid. Since the original reassessment order itself was not validly passed, the subsequent revision order by the Principal Commissioner was held invalid(AY.2013-14)
PCIT v. Badal Prakash Jindal (HUF) (2023)457 ITR 345/293 Taxman 350/ 334 CTR 164 (Orisa)(HC) PCIT v. Binoy Kumar Jindal (2023)457 ITR 345/293 Taxman 350 (Orisa)(HC) PCIT v. Binoy Kumar Jindal (HUF) (2023)457 ITR 345/293 Taxman 350 (Orisa)(HC) PCIT v. Bulbul Agarwal (2023)457 ITR 345/293 Taxman 350 (Orisa)(HC)
S. 147 : Reassessment-Accommodation entries-Long term capital gains-Difference between reasons for issue of notice recorded and given to assessee-Order of Tribunal quashing the reassessment notice is affirmed.[S. 10(38, 45, 148, 260A 263]