Reassessment Quashed for Using Wrong Provision Instead of Search Route

Advertisement DCIT Vs Suresh Kumar Banthia (ITAT Kolkata) ITAT Kolkata Quashes Reassessment: Section 147 Invalid Where Case Falls Under Section 153C The Kolkata Bench of the ITAT dismissed the Revenue’s appeal and upheld the order of the CIT(A) annulling the reassessment framed under section 147 in the case of Suresh Kumar Banthia (AY 2016-17). The Tribunal held that the reassessment was void ab initio as it was initiated under the wrong provision of law. The entire basis for reopening the assessment was incriminating material seized during a search conducted on third-party finance broker...