Reassessment Notice to Dissolved Firm Invalid: ITAT Delhi

Ganesh Commodity Brokers Vs ITO (ITAT Delhi) Summary: The Income Tax Appellate Tribunal (ITAT) Delhi, in the case of Ganesh Commodity Brokers vs. ITO, has ruled that reassessment proceedings initiated against a dissolved firm are invalid if the notice under Section 148 of the Income Tax Act, 1961, is not properly served on the erstwhile partners. The firm, represented by its former partner, challenged the reassessment orders for Assessment Years 2013-14 and 2014-15, arguing that the notice was issued to a non-existing entity. The firm had been dissolved and its dissolution, along with a reques...