Mumbai ITAT in Sonu Sood Case: Fresh Statement u/s 131 During Search Can Reopen Completed Assessments

Sonu Pankaj Shakti Sagar Sood Vs ACIT (ITAT Mumbai) Mumbai ITAT in Sonu Sood Case: Fresh Statement u/s 131 During Search Can Reopen Completed Assessments – “Change of Opinion” Defence Rejected Under New Reassessment Regime The Mumbai ITAT, in the case of actor Sonu Sood, upheld the validity of reassessment proceedings initiated under Sections 147/148 pursuant to a post-search action, holding that the new reassessment regime introduced from 01.04.2021 is materially different from the erstwhile Section 153A framework. The Tribunal observed that although the issue of unsecured loans had...