Section 147 Reassessment Quashed as No Income Escaped Assessment: ITAT Agra

Advertisement Panaqua Tradecom Pvt. Ltd. Vs ITO (ITAT Agra) The ITAT Agra allowed the assessee’s appeal against the CIT(A)’s order remanding a reassessment made under Sections 147/144 of the Income-tax Act. The assessee contended that the CIT(A) erred in setting aside the assessment without deciding legal grounds challenging the validity of the reassessment, including jurisdiction under Sections 147, 148, 148A and 151 and the assessment against a non-existing entity. The Tribunal observed that the proviso to Section 251(1)(a), inserted with effect from 01.10.2024, uses the word ...