Re-assessment beyond Time Limit under Section 149 Not Justified: ITAT Surat

Lexus Softmac Vs DCIT (ITAT Surat) ITAT Surat held that as per section 150(2), re-assessment permission u/s 150(1) of the Act would not be available to the Department, since time limit for re-assessment as stated under section 149 has expired. Facts- The assessee-firm is engaged in the business of manufacturing of diamond processing machinery. AO noticed that Shri Kamal J. Zaveri group had provided accommodation entries at Rs.24,60,439/- of bogus purchases i.e., Amar Enterprises at Rs.12,29,869/- and Mahadev Sales Corporation at Rs.12,30,570/- to the assessee. Thus, the AO had reason to believ...