Case Law Details
Meha Jain Vs DCIT (ITAT Indore)
ITAT Indore held that reassessment proceedings initiated u/s 148 stood abated by virtue of search and seizure action u/s 132(1). Hence, reassessment order passed thereon u/s 147 is illegal.
Facts- The regular assessment of the assessee was completed u/s. 143(3) on 29.12.2010 and thereafter the assessment was reopened u/s. 148 on 22.03.2013. The reassessment proceedings were pending and in the meantime, there was a search and seizure action u/s. 132(1) of the Income Tax Act was carried out at the residence of the assessee on 16.05.2013 which was concluded on 31.05.2013.
Due to the search and seizure action, the reassessment proceedings were also centralized along with assessment u/s. 153A of the Act. The reassessment proceedings were completed on 19.02.2014 and thereafter the order was passed on 3rd July 2015 passed u/s. 127 of the Act.
The assessment u/s. 153A r.w.s. 143(3) of the Act of the Income for the block period A.Y.2008-09 to A.Y.2013-14 was finalized on 15.03.3016. In the meantime the assessee preferred an appeal against the order passed u/s. 143(3) read with Section 147 of the Act, the order was passed on 29.07.2019.
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