A.C..I.T. CIRCLE-41(4)(1), MUMBAI vs. SHRI AWADHNARAYAN LAXMINARAYAN SINGH, MUMBAI

ITA 6227/MUM/2025Status: DisposedITAT Mumbai27 January 2026AY 2003-0420 pages
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What did the Tribunal hold?

The Tribunal held that the reassessment proceedings were indeed barred by limitation as the notice was issued beyond the period prescribed by Section 149. Furthermore, it was found that there was a capital loss, not a capital gain, for the assessee in the relevant year.

What were the facts?

The Revenue appealed against the CIT(A)'s order that reassessment proceedings for AY 2003-04 were barred by limitation. The CIT(A) held that the notice under Section 148 was issued beyond the prescribed time limit under Section 149.

What were the issues?

Whether reassessment proceedings initiated beyond the limitation period under Section 149 are valid, even if based on an ITAT order, and whether capital gains were correctly computed.

Which sections of the Income-tax Act were involved?

Section 149,Section 150(1),Section 143(3),Section 147,Section 48

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Cases cited in this judgment(5)Show list

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Before: SHRI ANIKESH BANERJEE & SHRI PRABHASH SHANKAR

For Appellant: Shri Vimal Punmiya, AR
For Respondent: Shri Surendra Mohan,(Sr. DR)
Hearing: 04.12.2025Pronounced: 27.01.2026

Heard together (2 matters)

ITA No.6226/MUM/2025
ITA No.6227/MUM/2025

Read from the judgment's own cause title. This page is filed under one of them.

PER PRABHASH SHANKAR [A.M.] :- The above captioned appeals preferred by the Revenue emanate from the orders passed by the Learned Commissioner of Income-tax (Appeals)/National Faceless Appeal Centre, Delhi [hereinafter referred to as "CIT(A)"] pertaining to assessment order u/s. 143(3) r.w.s. 147 of the Income-tax Act, 1961 [hereinafter referred to as “Act”] for the Assessment Year [A.Y.] 2003-04. Since the issues are common and in

The order continues below.

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