Reassessment proceedings within limitation period specified under 149(1) is valid

Govindbhai Laljibhai Kakadia Vs Joint Commissioner of Income-tax (ITAT Mumbai) ITAT Mumbai held that reassessment proceedings u/s 148 within limitation period specified under section 149(1) of the Income Tax Act is valid and sustainable in law. Facts- The Appellant filed original return of income. Subsequently, summons were issued to the Appellant u/s. 131 of the Act. The Appellant was asked to furnish details of foreign bank accounts held by the Appellant. In response, the Appellant submitted that no foreign bank accounts were held by the Appellant. In view of the aforesaid reply, the Appella...