Section 148 Reassessment Based on Pre-2021 Third-Party Search Material Invalid; Section 153C Mandatory: ITAT Kolkata

Maan Steel & Power Limited Vs DCIT (ITAT Kolkata) Section 148 Reassessment Based on Pre-2021 Third-Party Search Material Invalid; Section 153C Mandatory: ITAT Kolkata The appeals before the Income Tax Appellate Tribunal (ITAT), Kolkata, arose from cross appeals filed by both the Revenue and the assessee against the orders of the Commissioner of Income-tax (Appeals) for Assessment Years (AYs) 2018-19 and 2019-20. The Tribunal first condoned an 11-day delay in the Revenue’s appeal for AY 2019-20 after considering the explanation that the delay occurred due to the time taken in obtainin...