No reassessment proceedings as the limitation period u/s 149 was expired

Ratnagiri Gas And Power Private Limited Vs ACIT (Delhi High Court)

Conclusion: Reassessment proceedings initiated under section 148 for Assessment Year 2013-14 was not valid as the initiation of reassessment proceedings was barred by limitation and assessee’s income chargeable to tax for AY 2013-14 had not escaped on account of the assessee booking an amount of ₹6.29 crores pertaining to earlier years under the head ‘wages and salaries’.

Held: Assessee-company had filed its return of income for AY 2013-14 declaring a loss of ₹6,41,

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