Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
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The ITAT held the reassessment order u/s 147/143(3) void ab initio due to jurisdictional defects. The notice was dispatched on 01.04.2014, rendering it time-barred beyond the 4-year limitation period. The tribunal found the assessee had fully disclosed material facts during original assessment proceedings, and the AO had already scrutinized all relevant information. Relying on SC precedent in Kelvinator case, the tribunal emphasized that reopening assessment cannot be a mere change of opinion. The AO's attempt to review was deemed an abuse of power, with the tribunal ultimately deciding in favor of the assessee.
The ITAT held the reassessment order u/s 147/143(3) void ab initio due to jurisdictional defects. The notice was dispatched on 01.04.2014, rendering it time-barred beyond the 4-year limitation period. The tribunal found the assessee had fully disclosed material facts during original assessment proceedings, and the AO had already scrutinized all relevant information. Relying on SC precedent in Kelvinator case, the tribunal emphasized that reopening assessment cannot be a mere change of opinion. The AO's attempt to review was deemed an abuse of power, with the tribunal ultimately deciding in favor of the assessee.
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