Claim already accepted during regular assessment cannot be reassessed u/s 148 without new tangible material

DCIT Vs IOT Anwesha Engineering and Projects Ltd. (ITAT Ahmedabad)

ITAT Ahmedabad held that initiation of reassessment proceedings under Section 148 of the Income Tax Act on the same issue/ claim which was already decided and accepted during the course of regular assessment, without bringing any new material facts on records, is not valid as per law.

Facts- The assessee company is engaged in the business of fabrication and erection, e-file

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