No reassessment on basis of invalid notice u/s 148, deleted additions of 6.93 Crores

Regalia Laminates MCD Buliding Vs ITO (ITAT Delhi)

Conclusion: Reassessment initiated under an invalid notice issued under Section 148 as there was no new material with AO after four years that the assessee had escaped assessment, therefore, additions amounting to ₹6.93 crores was deleted.

Held: Assessee was involved in the business of manufacturing of decorative & industrial laminated sheets. It claimed exemption u/s 80IC.  A notice u/s 148 was issued to  assessee and according to AO , assessee had not disclosed the fully and truly

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