https://www.taxtmi.com/caselaws?id=775231 ITAT Ahmedabad upheld the reopening of assessment under section 147 for AY 2008-09, rejecting the assessee's challenge as no regular assessment was previously made under section 143(3). The tribunal confirmed that unutilized accumulation from AY 2002-03 was properly added as deemed income under section 11(3)(c) in the sixth year. Regarding accumulated funds from FY 2007-08, the tribunal clarified that the assessee had five years plus one additional year to utilize funds, with the extended period ending in FY 2008-09. The tribunal rejected the assessee's argument about amended provisions creating impossible situations, noting the one-year extension was only omitted from April 2023. The matter was remanded to the AO to verify year-wise accumulation, ensure deemed income is taxed only in the sixth year, and examine potential double taxation issues. Ground 1 was dismissed; Ground 2 was partly allowed. en-us Fri, 18 Jul 2025 00:00:00 +0530 Tue, 22 Jul 2025 08:25:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775231 ITAT Ahmedabad upheld the reopening of assessment under section 147 for AY 2008-09, rejecting the assessee's challenge as no regular assessment was previously made under section 143(3). The tribunal confirmed that unutilized accumulation from AY 2002-03 was properly added as deemed income under section 11(3)(c) in the sixth year. Regarding accumulated funds from FY 2007-08, the tribunal clarified that the assessee had five years plus one additional year to utilize funds, with the extended period ending in FY 2008-09. The tribunal rejected the assessee's argument about amended provisions creating impossible situations, noting the one-year extension was only omitted from April 2023. The matter was remanded to the AO to verify year-wise accumulation, ensure deemed income is taxed only in the sixth year, and examine potential double taxation issues. Ground 1 was dismissed; Ground 2 was partly allowed. Case-Laws Income Tax Fri, 18 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775231