https://www.taxtmi.com/caselaws?id=767229 The ITAT Kolkata held that reopening of assessment under section 147 was invalid where notice under section 148 was issued before disposal of the original return. Following SC precedent in Nizam's Supplemental Family Trust case, reassessment proceedings cannot be initiated while original assessment proceedings remain pending. The tribunal ruled that notice under section 148 can only be issued after expiry of limitation period for framing original assessment, as established by Delhi HC in KLM Dutch Airlines case. Applying the principle from Vegetable Products Ltd that favorable construction should be adopted when two reasonable interpretations exist, the consequential assessment under section 147 was held unsustainable. Decision favored the assessee. en-us Thu, 06 Feb 2025 00:00:00 +0530 Wed, 12 Mar 2025 09:07:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767229 The ITAT Kolkata held that reopening of assessment under section 147 was invalid where notice under section 148 was issued before disposal of the original return. Following SC precedent in Nizam's Supplemental Family Trust case, reassessment proceedings cannot be initiated while original assessment proceedings remain pending. The tribunal ruled that notice under section 148 can only be issued after expiry of limitation period for framing original assessment, as established by Delhi HC in KLM Dutch Airlines case. Applying the principle from Vegetable Products Ltd that favorable construction should be adopted when two reasonable interpretations exist, the consequential assessment under section 147 was held unsustainable. Decision favored the assessee. Case-Laws Income Tax Thu, 06 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767229