No bar under law to initiate fresh reassessment proceedings

Shivsamarth Group Vs PCIT (ITAT Pune) Admittedly, in the present case, the order which is sought to be revised is the order dropping the reassessment proceedings u/s 147 of the Act. On carefully going through the material on record, it would be clear that the original reassessment proceedings were initiated with view to tax the sale proceeds of Rs.34,50,000/-. On due consideration of the explanation filed by the assessee, the Assessing Officer was satisfied that there was no escaped assessment of income to tax and, accordingly, dropped the reassessment proceedings u/s 147 of the Act. The origi...