VALLABH STEELS LIMITED,LUDHIANA vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-4, LUDHIANA, LUDHIANA

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ITA 1505/CHANDI/2025Status: DisposedITAT Chandigarh07 May 2026AY 2014-158 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the reassessment proceedings were initiated beyond the period of limitation. Following the Delhi High Court's decision in Kanwaljeet Kaur, the notice issued under Section 148 was deemed bad in law.

What were the facts?

The assessee's case was reopened for AY 2014-15 due to audit objections regarding undisclosed capital gains on land sale. The Assessing Officer treated the land as a capital asset, not agricultural land, and added the gains. The assessee contended the reassessment notice was barred by limitation.

What were the issues?

Whether the reassessment notice issued under Section 148 was barred by limitation, considering the extended timelines and subsequent judicial pronouncements.

Which sections of the Income-tax Act were involved?

Section 147,Section 144B,Section 148,Section 148A,Section 142(1),Section 14A,Section 149

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “B” BENCH, CHANDIGARH

Before: HON’BLE SHRI RAJPAL YADAV & HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM

आदेश की �ितिलिप अ�ेिषत /Copy of the Order forwarded to : 1. अपीलाथ�/Appellant 2. ��थ�/Respondent 3. आयकरआयु�/CIT 4. िवभागीय�ितिनिध/DR 5. गाड�फाईल/GF

ASSISTANT REGISTRAR

ITAT CHANDIGARH

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