Case Law Details
Salarpuria Properties Pvt Vs DCIT (ITAT Kolkata)
ITAT Kolkata held that initiation of reassessment proceeding under section 148 of the Income Tax Act for the purpose of mere verification of the claim is unsustainable in law.
Facts- Vide the present appeal, the appellant has challenged the order passed by the CIT (Appeals) contested that CIT(Appeals) has erred in confirming the reassessment order passed by the assessing officer under section 148 of the Income Tax Act.
Conclusion- Held that we unhesitatingly allow the cross objection of the assessee in respect of legality of the reassessment proceedings initiated u/s. 148 of the Act and reassessment order passed u/s. 143(3) read with section 147 of the Act. Further, from the findings and decision given by the Ld. CIT(A) on the merits of the case, we note that issues raised by the assessee have been dealt meritoriously as reproduced above, for which discussion has already been made while dealing with the cross objection of the assessee. Accordingly, we do not find any reason to interfere with the findings given by the Ld. CIT(A) in this respect as reproduced above. Thus, the Cross objection filed by the assessee is allowed and the appeal of the revenue is dismissed.
FULL TEXT OF THE ORDER OF ITAT KOLKATA
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