ITAT Delhi Quashes Reopening Based on Bogus Purchases for Being Time-Barred

ACIT Vs JKM Infra Projects Ltd (ITAT Delhi) Delhi ITAT held that reopening of assessment after three years was invalid since escaped income was not represented in the form of an asset under Section 149(1)(b). The reassessment notice issued beyond limitation was quashed. Facts: The assessee, M/s JKM Infra Projects Ltd., filed its return of income for Assessment Year (AY) 2013–14 on 30 September 2013, declaring a total income of Rs. 27,38,23,720/–. Based on information received through the Insight Portal from the Investigation Wing, Ghaziabad, the Assessing Officer (AO) believed that the as...