Re-assessment notice time barred as conditions prescribed under 1st proviso to section 147 not complied

Humboldt Wedag India Pvt Ltd Vs ACIT (ITAT Delhi) ITAT Delhi held that the re­assessment notice issued under Section 148 is clearly time barred owing to non compliance conditions prescribed on 1st proviso to Section 147 of the Act. Accordingly, re-assessment proceeding is illegal and without jurisdiction. Facts- Post completion of assessment u/s 143(3), the re-assessment proceedings was initiated u/s 148. The reassessment proceedings were concluded and the taxable income was re-assesed at Rs.23,30,89240/- (including alleged escapement of income of Rs.69,08,000/- vide reassessment order dated ...