NFAC Reassessment Void Without Sec 151A Notice – Assessment & 271(1)(c) Penalty Deleted – ITAT Kolkata

Gautam Kumar Sarkar Vs ITO (ITAT Kolkata) NFAC Reassessment Without Sec 151A Notification Held Void – Entire Assessment & Penalty u/s 271(1)(c) Deleted – ITAT Kolkata ITAT Kolkata admitted additional jurisdictional ground and quashed reassessment holding that faceless proceedings initiated prior to notification of Sec 151A scheme on 29.03.2022 were without jurisdiction. Tribunal observed that though Sec 151A was inserted earlier, faceless reassessment mechanism became operational only after CBDT notification; therefore notices and assessment framed by NFAC before that date were invalid...