https://www.taxtmi.com/caselaws?id=447362 The Calcutta HC dismissed an appeal challenging reassessment proceedings under Section 147 for AY 2015-16. The appellant contested the limitation period and jurisdiction under the new regime introduced by Finance Act 2021. The court found that unexplained deposits in ICICI bank constituted escaped income under Section 149(1)(b). The authority had properly issued notice under Section 148A(d) after considering the appellant's response dated June 5, 2022. The HC held that principles of natural justice were followed as the appellant was given adequate opportunity to respond. The reassessment order was found to be reasoned and justified, with no procedural defects warranting interference. en-us Tue, 19 Dec 2023 00:00:00 +0530 Fri, 22 Dec 2023 12:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447362 The Calcutta HC dismissed an appeal challenging reassessment proceedings under Section 147 for AY 2015-16. The appellant contested the limitation period and jurisdiction under the new regime introduced by Finance Act 2021. The court found that unexplained deposits in ICICI bank constituted escaped income under Section 149(1)(b). The authority had properly issued notice under Section 148A(d) after considering the appellant's response dated June 5, 2022. The HC held that principles of natural justice were followed as the appellant was given adequate opportunity to respond. The reassessment order was found to be reasoned and justified, with no procedural defects warranting interference. Case-Laws Income Tax Tue, 19 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447362