Revenue’s Right to Reassess Doesn’t Override Sec 149 Limitation: Delhi HC

ARN Infrastructures India Limited Vs ACIT (Delhi High Court) Liberty to Revenue to initiate reassessment proceedings in Abhisar Buildwell didn’t construe to overcome Limitation u/s 149 Conclusion: Power of Revenue to initiate reassessment proceedings under Sections 147/148 in case of completed/ unabated assessment, if no incriminating material was found during the search- could not be construed to be an authority to override the limitation prescribed under Section 149. Held: In the instant case, proceedings for reassessment initiated after the decision of the Supreme Court in Principal C...