Assessee individual filed its return of income which was processed under section 143(1) . \u00a0Later on, during assessment proceedings for assessment year 2002-03, Commissioner (Appeals) noted that a sum received by assessee from a firm in year 1996 was to be admitted to assessee’s income as commission received by assessee for assessment year 1997-98 . \u00a0Pursuant to same, Assessing Officer issued a reopening notice dated 22-12-2005 proposing to reopen assessment for relevant assessment year 1997-98 solely for abovesaid reason assigned by Commissioner (Appeals) . \u00a0Reassessment was affirmed by CIT (A ) and also Appellate Tribunal . On appeal it was\u00a0 contended that said reopening was barred by limitation. Allowing the appeal the Court held that \u00a0\u00a0assessment for the assessment year \u00a01997-98 could not be reopened beyond 31-3-2004 in terms of amended provisions of section 149(1)(b) as applicable at relevant time . Accordingly\u00a0 \u00a0reassessment notice dated 20-10-2005 was unjustified and same was to be set aside . \u00a0(AY. 1997-98)<\/p>\n","protected":false},"excerpt":{"rendered":"
S.149 : Reassessment – Time limit for notice \u2013 Direction of CIT (A) \u2013 Reassessment barred by limitation cannot be reopened \u2013 Reassessment was quashed . [ S.143(1), 149(1)(b) ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-19841","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-5a1","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19841","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=19841"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19841\/revisions"}],"predecessor-version":[{"id":19842,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19841\/revisions\/19842"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=19841"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=19841"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=19841"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}