Dismissing the appeal of the revenue, the Tribunal held that the Assessing Officer has referred only to the P&L a\/c and balance sheet of the assessee while reopening the assessment which were filed along with the original return of income, the reopening was based on the same set of facts which were available at the time of original assessment and, therefore, reopening was not valid; also, there is no allegation of any failure on the part of the assessee to disclosure fully and truly all material facts necessary for completion of assessment. The Tribunal also held that notices issued under s. 148 under the new regime for the relevant asst. yrs. 2014-15 and 2016-17 on 25th July, 2022, and 26th July, 2022, respectively, were barred by limitation; reassessment proceedings are quashed. (AY.2014-15 & 2016-17)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 147: Reassessment-No failure to disclose material facts-Notices issued under S. 148 under the new regime for the relevant asst. yrs. 2014-15 and 2016-17 on 25th July, 2022 and 26th July, 2022, respectively, were barred by limitation-Reassessment proceedings are quashed.[S. 148, 148A(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_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-61728","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-g3C","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/61728","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=61728"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/61728\/revisions"}],"predecessor-version":[{"id":61729,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/61728\/revisions\/61729"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=61728"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=61728"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=61728"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}