No Reassessment for AO’s Oversight Beyond Four Years: ITAT Bangalore

ITO Vs G. Tex Inc (ITAT Bangalore) In a landmark ruling, the Income Tax Appellate Tribunal (ITAT) Bangalore, in the case of the Income Tax Officer (ITO) Vs G. Tex Inc, has underscored a critical principle of tax law concerning the reassessment proceedings under Section 147 of the Income Tax Act, 1961. This decision, dated December 12, 2023, emanates from an appeal by the revenue against the order of the National Faceless Appeal Centre (NFAC) for the assessment year 2010-11, which quashed the reassessment order on the grounds of it being initiated beyond the four-year statutory limit without th...