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ITAT quashed reassessment proceedings initiated under Section 147 for multiple procedural violations. The assessing officer failed to properly follow Section 148A procedures, creating incurable defects. The reasons for reopening alleged unaccounted receipts from property sales, but the justification under Section 149 failed to specify that escaped income exceeded Rs. 50 lakhs or mention corresponding assets/expenditure, creating fatal contradictions. Additionally, the Section 148 notice dated 23.02.2023 incorrectly stated reopening was due to search under Section 132, while the show cause notice dated 13.03.2023 cited different grounds under Explanation 2 to Section 148. The reassessment was based on fundamentally incorrect factual premises regarding search proceedings. The notice was time-barred under Section 149 limitations due to inadequate compliance requirements. The appellant's appeal was allowed, rendering the entire reassessment proceedings invalid.
ITAT quashed reassessment proceedings initiated under Section 147 for multiple procedural violations. The assessing officer failed to properly follow Section 148A procedures, creating incurable defects. The reasons for reopening alleged unaccounted receipts from property sales, but the justification under Section 149 failed to specify that escaped income exceeded Rs. 50 lakhs or mention corresponding assets/expenditure, creating fatal contradictions. Additionally, the Section 148 notice dated 23.02.2023 incorrectly stated reopening was due to search under Section 132, while the show cause notice dated 13.03.2023 cited different grounds under Explanation 2 to Section 148. The reassessment was based on fundamentally incorrect factual premises regarding search proceedings. The notice was time-barred under Section 149 limitations due to inadequate compliance requirements. The appellant's appeal was allowed, rendering the entire reassessment proceedings invalid.
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