|Question And Answer|
|Answered by:||Advocate Shashi Ashok Bekal|
|Tags:||pending, Reassessment, Revision|
|Date:||January 13, 2023|
File Uploaded: Not Available
Can AO issue notice i/s 148A when notice u/s 263 is pending on same point ?
The Hon’ble ITAT in the case of Krish Homes Private Limited v. ITO (ITA No. 237/JP/2019, CO: 16/JP/ 2019 23/12/2019) (Jaipur)(Trib). held that if the Assessing Officer has incorrectly or erroneously applied law and income chargeable to tax has escaped assessment, the Revenue should resort to section 263 of the Act and revise the assessment and not reopen under section 147 of the Act.
Therefore, where revisionary proceedings are pending and it is the view of the Department that the Ld. AO has incorrectly or erroneously applied the law, reassessment proceedings would be bad in law.
Disclaimer: This article is only for general information and is not intended to provide legal advice. Readers desiring legal advice should consult with an experienced professional to understand the current law and how it may apply to the facts of their case. Neither the author nor itatonline.org and its affiliates accepts any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information in this article nor for any actions taken in reliance thereon. No part of this document should be distributed or copied (except for personal, non-commercial use) without express written permission of itatonline.org
Leave a Reply