Faceless Reassessment Invalid Because Section 151A Scheme Was Not Yet Notified: ITAT Kolkata

Sushanta Ghosh Vs ITO (ITAT Kolkata) The Income Tax Appellate Tribunal, Kolkata Bench, quashed a reassessment order framed by the National Faceless Assessment Centre (NFAC) on the ground of lack of jurisdiction. The assessee, engaged in trading of paddy and allied products, had filed a return declaring income of ₹4,80,200. Based on information that ₹12.16 crore was credited in the assessee’s bank account and allegedly not reflected in the books, reassessment proceedings were initiated under Sections 147 and 148 of the Income-tax Act, 1961. In the absence of compliance, the Assessing Offi...