https://www.taxtmi.com/caselaws?id=456427 ITAT Bengaluru held that notice under section 148 for reopening assessment can be issued even when the time limit for issuing notice under section 143(2) has not expired. The tribunal ruled that the AO need only demonstrate under-assessment as per Explanation 2 to section 147, regardless of whether regular assessment proceedings are pending. The argument that clause (b) to Explanation 2 operates only after section 143(2) time limit expires was rejected as it would impose an additional legislative condition. Revenue's appeal was allowed and the matter was remanded to CIT(A) for deciding on merits. en-us Tue, 16 Aug 2022 00:00:00 +0530 Wed, 24 Jul 2024 21:19:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456427 ITAT Bengaluru held that notice under section 148 for reopening assessment can be issued even when the time limit for issuing notice under section 143(2) has not expired. The tribunal ruled that the AO need only demonstrate under-assessment as per Explanation 2 to section 147, regardless of whether regular assessment proceedings are pending. The argument that clause (b) to Explanation 2 operates only after section 143(2) time limit expires was rejected as it would impose an additional legislative condition. Revenue's appeal was allowed and the matter was remanded to CIT(A) for deciding on merits. Case-Laws Income Tax Tue, 16 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456427