Re-assessment U/s 147 Quashed as Time-Barred — Stay Period Ends on Date of Vacation, Not Communication

Aark India Educational Charitable Trust Vs ITO (ITAT Chennai) Chennai ITAT  quashed the re-assessment u/s 147 for AY 2012-13 in the case of a charitable trust registered u/s 12AA, holding the order barred by limitation u/s 153(2). The AO had reopened the case based on a survey u/s 133A, alleging that ₹6.19 crore advances received from erstwhile trustees (reflected in FY 2010-11) were converted into corpus in FY 2011-12, leading to escapement of income. Notice u/s 148 was issued on 27.03.2019. The proceedings were stayed by the High Court on 16.09.2019 and the stay was vacated on 30.03.2021....