Tribunal Dismisses Revenue Appeal Over Time-Barred Reassessment

DCIT Vs Rakshit Buildcon Pvt. Ltd. (ITAT Delhi) Reassessment notice held time-barred as per SC in Rajeev Bansal; Revenue appeal dismissed; merits kept open In this Revenue appeal against Rakshit Buildcon Pvt. Ltd., Tribunal examined both the merits addition relating to alleged bogus loan entries from Aneri Fincap & the legal challenge to the validity of reassessment proceedings. While Revenue pressed that Investigation Wing had identified the lender as a paper entity & that assessee failed to substantiate its claim, assessee invoked Rule 27 of ITAT Rules contending that the reassessmen...