Zee Entertainment Enterprises Limited Vs DCIT (ITAT Mumbai)
The matter concerns two appeals filed by the assessee against orders of the Commissioner of Income Tax (Appeals)-48, Mumbai, for Assessment Years (AY) 2015–16 and 2019–20. Both appeals arise from assessment orders passed under Section 143(3) read with Section 147 of the Income Tax Act, 1961. Since both appeals pertain to the same assessee, they were heard together and disposed of by a common order.
AY 2015–16: Validity of Reassessment Proceedings
For AY 2015–16, the assessee originally filed its return of income on 26.11.2015 declaring total income of Rs. 1221,91,58,460, and later filed a revised return on 30.03.2017 declaring Rs. 1221,42,73,420. The assessment was completed under Section 143(3) on 29.12.2017. Subsequently, the case was reopened through notice under Section 148 issued on 21.04.2021. After the decision of the Supreme Court in a relevant matter, a fresh notice under Section 148 was issued on 29.07.2022 following the procedure under Section 148A.
The assessee challenged the validity of this notice on the ground that it was barred by limitation. It was argued that the issue was already covered by judicial precedents, including a decision of the Supreme Court, which held that reassessment notices for AY 2015–16 issued after 01.04.2021 are time-barred if they fall outside the limitation period prescribed under the earlier regime.
