Lova Impex Private Limited Vs ITO (ITAT Hyderabad)
ITAT Hyderabad held that assessment order passed by AO in old PAN cannot be survived if transactions reported by DGFT in old PAN is already reported by assessee in new PAN. Accordingly, matter restored back to re-verify.
Facts- The case of the appellant company for the assessment year 2016-2017 has been reopened u/s. 148A of the Income Tax Act, 1961 on the ground that information on record for the F.Y. 2015-2016 [A.Y. 2016-2017] reveals that, the appellant company made bill of entry for imports for assessable value of Rs.1,49,88,139/- and accordingly, notice u/s. 148A(b) of the Act dated 27.02.2023 was issued to the appellant company.
The appellant company has furnished reply to the notice and stated that it has been wrongly allotted PAN status of ‘Firm’ and the same has been reported to the DGFT for allotment of IEC Code. Further, the wrong PAN has been subsequently surrendered and new PAN has been obtained in the status of ‘Company’ and since then, the appellant company is filing it’s return of income under new PAN. AO after verification of relevant facts, has dropped the notice issued u/sec.148A of the Act on the ground that it is not a fit case to issue notice for reopening of the assessment.
