Initiation of re-assessment proceeding beyond four years is legally impermissible

Advertisement CIT Vs R. Rajagopal Tondaiman (Madras High Court) Madras High Court held that the re-assessment proceedings initiated by the assessing officer beyond four years from the end of the relevant assessment year is legally impermissible. Facts- The return filed by the assessee was scrutinised u/s. 143 (1) of the Income Tax Act and completed on 31.01.2013 assessing an income of Rs.2,82,540/-. Subsequently, the revenue audit pointed out that the deduction claimed by the assessee u/s. 54F of the Act is not in order as the assessee had not deposited the sale consideration in notified Ca...