Once 263 is dropped, 147 Is Dead – Kolkata ITAT Strikes Down Reassessment/Quashes Rs. 7.03 Cr Addition

Dhanterash Tradewing Pvt. Ltd. Vs ITO (ITAT Kolkata) Once 263 is dropped, 147 Is Dead – Kolkata ITAT Strikes Down Reassessment/Quashes Rs. 7.03 Cr Addition Reopening after Dropped 263 Proceedings Invalid Kolkata  ITAT allowed the appeal   for A.Y. 2011-12 by holding that reopening of assessment on issues already examined in earlier 263 proceedings, which were subsequently dropped by PCIT, was invalid & without jurisdiction. Assessee filed return declaring income of Rs. 3,851/- which was processed u/s 143(1). Scrutiny assessment was completed u/s 143(3) on 07.05.2013 assessing total in...