SARASWATI MUKUND EDUCATION SOCIETY ,MUMBAI vs. ITO EXEMPTION , THANE

ITA 4010/MUM/2024Status: DisposedITAT Mumbai28 November 2024AY 2013-14Bench: SHRI AMARJIT SINGH, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)1 pages
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What did the Tribunal hold?

The Tribunal held that the reassessment proceedings were invalid as they were initiated beyond four years without any failure on the part of the assessee to disclose material facts. The reasons recorded did not indicate any such failure, and the original assessment had considered the car hire expenses.

What were the facts?

The assessee's reassessment proceedings were initiated after more than four years from the end of the relevant assessment year. The Assessing Officer had made additions based on car hire expenses and withdrawal of exemption, which were partly upheld by the CIT(A).

What were the issues?

Whether reassessment proceedings initiated beyond four years are valid when there is no failure on the part of the assessee to disclose material facts and the issue was already considered in the original assessment.

Which sections of the Income-tax Act were involved?

Section 147,Section 143(3),Section 148,Section 149

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Income Tax Appellate Tribunal, H(SMC

[ Per Rahul Chaudhary, Judicial Member:

1.

The present appeal has been preferred by the Assessee against the order, dated 29/07/2024, passed by the National Faceless Appeal Centre (NFAC), New Delhi [hereinafter referred to as the ‘CIT’] under Section 250 of the Income Tax Act, 1961 [hereinafter referred to as ‘the Act’] whereby the Ld. CIT(A) had partly allowed the appeal against the Assessment Order, dated 21/03/2022, passed under Section 147 read with Section 144B of the Income Tax Act, 1961 [hereinafter referred to as ‘the Act’].

2.

The order continues below.

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