₹3.40 Crore Housing Project Deduction Restored After Reopening Beyond 4 Years Set Aside

Komal Enterprises Vs ITO (ITAT Mumbai) The Income Tax Appellate Tribunal, Mumbai allowed the assessee’s appeals for Assessment Years 2011–12 and 2012–13, holding that reassessment proceedings initiated beyond four years from the end of the relevant assessment year, without any new tangible material, were invalid in law. The reassessments arose from original scrutiny assessments completed under section 143(3) of the Income-tax Act, 1961, in which deduction under section 80IB(10) for a housing project had been examined in detail and allowed. Subsequently, the Assessing Officer issued notic...