Vikasratna Vilasrao Deshmukh Manjara Shetkari Sah Sakhar Karkhana Limited Vs ITO (ITAT Pune)
ITAT Quashed Reassessment Because Section 148 Notice Was Issued Beyond Surviving Limitation Period; Reassessment Proceedings Invalid Because AO Failed to Issue Notice Within Surviving Time Allowed Under TOLA; Section 148 Notice Held Invalid Because AO Exceeded Surviving Limitation Calculated From Old Regime Notice; ITAT Allowed Assessee’s Appeal Because Reassessment Notice Was Issued After 27 June 2022 Deadline.
The appeal before the Income Tax Appellate Tribunal arose from the order dated 11.11.2025 passed by the Commissioner of Income Tax (Appeals)/NFAC for Assessment Year 2013-14. The assessee, a co-operative society, had originally filed its return of income declaring total income of Rs.28,63,09,080. The assessment was later reopened under Section 147 of the Income Tax Act on the allegation that the assessee had deposited cash amounting to Rs.23,31,73,000 in its bank account and had failed to furnish documentary evidence explaining the deposits. A notice under Section 148A(d) dated 26.07.2022 and notice under Section 148 of the same date were issued. During reassessment proceedings, statutory notices under Sections 143(2) and 142(1) were served, but according to the Assessing Officer, the assessee failed to provide satisfactory explanations and documentary evidence regarding the alleged cash deposits. Consequently, the amount of Rs.23,31,73,000 was added as unexplained money under Section 69A and the total income was assessed at Rs.51,94,82,080.
