Reassessment After 4 Years on Existing Facts is Invalid: ITAT Mumbai

HMG Engineering Pvt. Ltd. Vs ITO (ITAT Mumbai) Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has ruled that reassessment proceedings initiated more than four years after the relevant assessment year are legally invalid if based solely on facts already available to the Assessing Officer (AO) during the original assessment. The Tribunal quashed a reassessment order against HMG Engineering Pvt. Ltd. for Assessment Year 2012-13, concluding that the AO had reopened the case without any new material or evidence, merely re-examining information previously provided by the assessee. The appeal wa...