Reassessment Notice Quashed as Fresh Section 148 Notice Was Time-Barred: ITAT Delhi

KLM Steel Pipe Pvt. Ltd. Vs ITO (ITAT Delhi) In this case before the Income Tax Appellate Tribunal, the assessee challenged reassessment proceedings initiated for Assessment Years 2013-14 and 2014-15. The appeals arose from orders passed by the National Faceless Appeal Centre (NFAC) and reassessment orders framed under Sections 147 read with 144B of the Income-tax Act, 1961. The Tribunal first considered the preliminary issue regarding the validity of assumption of jurisdiction under Section 147, observing that the issue went to the root of the matter. For AY 2013-14, the original notice under...