https://www.taxtmi.com/caselaws?id=753918 ITAT Delhi quashed reassessment proceedings under sections 147/148 where the assessee's MAT liability under section 115JB exceeded tax on normal provisions including alleged escaped income. The tribunal held that when book profit adjustments were properly disclosed in financial statements and MAT liability remained higher than normal provision tax liability, no valid escapement existed. Following Gujarat HC precedents in Motto Tiles and India Gelatine cases, the tribunal found reassessment lacked jurisdiction since adding escaped income wouldn't increase actual tax liability. The reassessment notice was quashed and order declared null and void, with assessee's appeal allowed. en-us Fri, 10 May 2024 00:00:00 +0530 Thu, 13 Jun 2024 08:10:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753918 ITAT Delhi quashed reassessment proceedings under sections 147/148 where the assessee's MAT liability under section 115JB exceeded tax on normal provisions including alleged escaped income. The tribunal held that when book profit adjustments were properly disclosed in financial statements and MAT liability remained higher than normal provision tax liability, no valid escapement existed. Following Gujarat HC precedents in Motto Tiles and India Gelatine cases, the tribunal found reassessment lacked jurisdiction since adding escaped income wouldn't increase actual tax liability. The reassessment notice was quashed and order declared null and void, with assessee's appeal allowed. Case-Laws Income Tax Fri, 10 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753918