Reassessment Quashed for Violating 4-Week Cooling-Off Period After Disposal of Objections – ITAT Pune Follows Asian Paints

Pinnacle Constro and Ecohomes Pvt. Ltd. Vs ACIT (ITAT Pune) Reassessment Quashed for Violating 4-Week Cooling-Off Period After Disposal of Objections – ITAT Pune Follows Asian Paints The Pune ITAT quashed a reassessment order holding that the Assessing Officer violated the binding principle laid down by the Bombay High Court that, after rejecting an assessee’s objections to reopening, the AO must wait at least four weeks before proceeding further with the reassessment. The assessee’s case was reopened under section 147 based on information received from independent sources. After...