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“income escaping assessment”

ReassessmentSection 147Section 1471,518 judgments

The decision most relied on for income escaping assessment is CIT v. Kelvinator of India Ltd. (320 ITR 561), cited in 1,673 judgments on BharatTax.

Leading authorities on income escaping assessment

CIT v. Kelvinator of India Ltd.
320 ITR 561 · 2010 · Supreme Court
1,673
citing judgments

An Assessing Officer cannot initiate reassessment proceedings under Section 147 of the Income Tax Act based on a mere change of opinion. Reassessment is permissible only when there is fresh tangible material leading to the belief of income escapement, not merely a review of existing facts.

ACIT v. Rajesh Jhaveri Stock Brokers Pvt. Ltd.
291 ITR 500 · 2007 · Supreme Court
1,030
citing judgments

For initiating reassessment proceedings under Section 147, the Assessing Officer needs only prima facie material providing a reason to believe that income has escaped assessment. Conclusive proof or the sufficiency/correctness of the material is not required at the stage of issuing the notice under Section 148.

Raymond Woollen Mills Ltd. v. ITO
236 ITR 34 · 1999 · Supreme Court
862
citing judgments

For reassessment proceedings under Section 148, the Assessing Officer only needs prima facie material to have a reason to believe income has escaped assessment. Conclusive proof or evaluation of the sufficiency and correctness of such material is not required at the stage of issuing the notice.

CIT v. Sun Engineering Works (P) Ltd.
198 ITR 297 · 1992 · Supreme Court
814
citing judgments

A court's pronouncement derives its scope and color from the specific questions involved in the case, thus, due regard must always be given to the questions framed before the court when interpreting its judgment.

ITO v. Lakhmani Mewal Das
103 ITR 437 · 1976 · Supreme Court
721
citing judgments

For reassessment proceedings, the 'reason to believe' that income has escaped assessment must be based on some material and not mere suspicion, establishing a live link between the information and the belief. Furthermore, for reassessment beyond four years, there must be a specific finding of the assessee's failure to disclose fully and truly all material facts.

Hindustan Lever Ltd. v. R.B. Wadkar
268 ITR 332 · 2004 · High Court
695
citing judgments

The validity of reassessment proceedings initiated under Section 147, by issuing a notice under Section 148, must be judged solely on the reasons originally recorded by the Assessing Officer. These recorded reasons cannot be supplemented, improved upon, or modified at any later stage.

CIT v. Jet Airways (I) Ltd.
331 ITR 236 · 2011 · High Court
694
citing judgments

The Assessing Officer loses jurisdiction and the entire reassessment becomes invalid if no addition is made in respect of the income that formed the basis of the reopening. Explanation 3 to Section 147 does not permit assessing other escaped income unless an addition is made for the original income forming the reason to believe.

PCIT v. Meenakshi Overseas Pvt. Ltd.
395 ITR 677 · 2017 · High Court
471
citing judgments

Reassessment proceedings initiated solely based on an investigation wing/appraisal report, without the Assessing Officer's independent application of mind to form a 'reason to believe' that income has escaped assessment, are beyond jurisdiction, bad in law, and void ab initio.

Judgments citing income escaping assessment

Late Abdullah Abdulmajeed, Rep. by L/H, Pudukkottai vs. ITO, Ward-1, Pudukkottai

ITA 3294/CHNY/2025[2015-16]Status: DisposedITAT Chennai04 Mar 2026AY 2015-16
For Appellant: Mr. N. Arjun Raj, AdvocateFor Respondent: Ms. Gouthami Manivasagam
Section 133(6)Section 142(1)Section 144Section 147Section 148Section 148ASection 69A

submitted that the Central Board of Direct Taxes, New Delhi had issued the notification dated 29.03.2022, whereby a scheme called e-assessment of Income Escaping Assessment Scheme 2022 was notified with effect from 29.03.2022, wherein it was notified that all assessment proceedings, re-assessment proceedings under section ... section (1) of Section 151A which was inserted with effect from 1-11-2020. The said sub section refers to faceless assessment of income escaping assessment, which Section is being re-produced herein under: "The Central Government may make a scheme, by notification in the Official Gazette, for the purposes

Thangavel, Chennai vs. ITO, Non Corp Ward 10(3) Che, Chennai

The appeal of the assessee is allowed

ITA 3207/CHNY/2025[AY 2015-16]Status: DisposedITAT Chennai04 Mar 2026

Bench: Shri Aby T. Varkey & Ms. Padmavathy.Sआयकर अपील सं./Ita No.3207/Chny/2025 िनधा$रण वष$ /Assessment Year: 2015-16

For Appellant: Mr. N. Arjun Raj, Advocate for Mr. R. Sivaraman, AdvocateFor Respondent: Mr. M.D.Vijay Kumar, JCIT
Section 148Section 148ASection 149(1)Section 149(1)(b)Section 250Section 69A

misquoted and that the decision did not qualify any notice on limitation only on procedure. The Ld DR further argued that if the income escaping assessment is more than Rs.50 lakhs then the time limit as per the new regime of reassessment would apply. 6. We heard the parties

Rane Steering Systems Pvt. Ltd., Kanchipuram vs. ACIT, Circle-1, Ltu, Chennai

In the result, the appeal of the assessee is allowed for statistical purposes

ITA 2790/CHNY/2025[2015-16]Status: DisposedITAT Chennai04 Mar 2026AY 2015-16

Bench: Ms. Padmavathy.S & Shri Manu Kumar Giriआयकर अपील सं./Ita No.2790/Chny/2025 िनधा#रण वष# /Assessment Year: 2015-16

For Appellant: Mr. Vikram VijayaraghavanFor Respondent: Mr. Bipin C.N, CIT
Section 143(3)Section 147Section 148Section 250

i.e.beyond four years and therefore, the proviso to section 147 of the Act which reads as under is applicable to assessee's case: “Income escaping assessment. 147. If the Assessing Officer has reason to believe that any income chargeable to tax has escaped assessment for any assessment year

Mr. Murugan Karthik Meiyappan, Chennai vs. ITO, Ncw-10(6), Chennai

In the result the appeal of the assessee is allowed

ITA 2184/CHNY/2025[2015-16]Status: DisposedITAT Chennai04 Mar 2026AY 2015-16

Bench: Shri George George K & Shri S.R. Raghunatha

For Appellant: Shri. B. Ramakrishnan, F.C.A )*For Respondent: Shri. N. Rajakumar, Addl. CIT
Section 142(1)Section 143(2)Section 147Section 148Section 15HSection 234BSection 250

further submitted that, in such a scenario, especially where the Assessing Officer had not arrived at any independent satisfaction on such income escaping assessment in the assessee’s hands other than the borrowed satisfaction arrived at from SEBI Penalty Order as stated above, it was pre- mature on the part

Jorss Bullion Pvt Ltd, Mumbai vs. Dy Commissioner of Income Tax -Central Circle 7(1), Mumbai

ITA 4758/MUM/2025[2017-18]Status: DisposedITAT Mumbai04 Mar 2026AY 2017-18

Bench: Hon’Ble Shri Sandeep Gosain& Shri Omkareswar Chidara

Section 69C

ACIT451 ITR 283 (Guj). The catch-note is reproduced as under: "Reassessment notice after four years condition precedent reason to believe income escaped assessment cannot be based on change of opinion no suppression of any information at time of assessment proceedings -assessee's objections to reassessment brushed aside without assigning ... taxmann.com 225 Karnataka. The catch-note is reproduced as under: "Section 149, read with Section 147, of the Income-tax Act, 1961- Income escaping assessment Time-limit for issuance of notice (General)- A.Y.2006-07- Whether it is mandatory for AO to state in reasons recorded that escaped assessment amounts

DCIT, Central Circle 7(1), Mumbai vs. Jorss Bullion Private Limited, Mumbai

ITA 4004/MUM/2025[2017-18]Status: DisposedITAT Mumbai04 Mar 2026AY 2017-18

Bench: Hon’Ble Shri Sandeep Gosain& Shri Omkareswar Chidara

Section 69C

ACIT451 ITR 283 (Guj). The catch-note is reproduced as under: "Reassessment notice after four years condition precedent reason to believe income escaped assessment cannot be based on change of opinion no suppression of any information at time of assessment proceedings -assessee's objections to reassessment brushed aside without assigning ... taxmann.com 225 Karnataka. The catch-note is reproduced as under: "Section 149, read with Section 147, of the Income-tax Act, 1961- Income escaping assessment Time-limit for issuance of notice (General)- A.Y.2006-07- Whether it is mandatory for AO to state in reasons recorded that escaped assessment amounts

Smt. Kumud Yadav, Kanpur vs. Assessing Officer, NFAC, Delhi

In the result, the appeal is partly allowed

ITA 281/LKW/2025[2016-17]Status: DisposedITAT Lucknow27 Feb 2026AY 2016-17

Bench: Sh. Sudhanshu Srivastava & Sh. Nikhil Choudharya.Y. 2016-17 Smt. Kumud Yadav, Vs. Assessing Officer, Assessment Plot No. 192A, Awadhpuri Road, Unit, Income Tax Department, Lakhanpur, Kanpur Nagar Nfac, Delhi Pan: Abjpy4062E (Appellant) (Respondent) Assessee By: Sh. Pradeep Seth, Adv Revenue By: Sh. Amit Kumar, Addl Cit Dr Date Of Hearing: 29.01.2026 Date Of Pronouncement: 27.02.2026 O R D E R Per Nikhil Choudhary, A.M.: This Is An Appeal Filed By The Assessee Against The Orders Of The Ld. Cit(A), Nfac Under Section 250 Of The Income Tax Act, 1961 On 11.0.025, Wherein The Ld. Cit(A) Has Set Aside The Orders Of The Assessing Officer Passed For The A.Y. 016-17 Under Section 147 R.W.S. 144 Of The Income Tax Act, 1961. The Grounds Of Appeal Are As Under:- “1. That The Learned Cit(A) National Faceless Appeal Centre, Delhi Has Erred In Law & On Facts In Not Appreciating That The Assessment Order Passed U/S 147 Is Without Jurisdiction & Invalid As The Same Violates The Provisions Of "E-Assessment Of Income Escaping Assessment Scheme 2022" Notified On 29.03.22 Framed In Pursuance Of Sub Sections 1 & 2 Of Section 151A Of The Act Laying Down The Issue Of Notice U/S 148 In The Faceless Manner Through Automated Allocation Whereas In The Assessee'S Case It Has Not Been Issued In A Faceless Manner But By Jurisdictional Assessing Officer Who Was Not Assigned The Case In An Automated Manner. (Reliance On Judgement In The Case Of Hexaware Technoligies Ltd. Vs. Assistant Commissioner Of Income Tax & Others Reported In 464 Itr P. 430 (Paras 32 To 39).

For Appellant: Sh. Pradeep Seth, AdvFor Respondent: Sh. Amit Kumar, Addl CIT DR
Section 144Section 147Section 148Section 148ASection 151ASection 250

appreciating that the assessment order passed U/s 147 is without jurisdiction and invalid as the same violates the provisions of "E-ASSESSMENT OF INCOME ESCAPING ASSESSMENT SCHEME 2022" notified on 29.03.22 framed in pursuance of Sub sections 1 and 2 of Section 151A of the Act laying down the issue

Vidyut Employees Co-Operative Housing Society, Hyderabad vs. DCIT, Circle-6(1), Hyderabad

In the result, appeal of the Assessee is partly allowed

ITA 1878/HYD/2025[2018-19]Status: DisposedITAT Hyderabad27 Feb 2026AY 2018-19

Bench: Shri Vijay Pal Raoआ.अपी.सं /Ita No.1878/Hyd./2025 Assessment Year 2018-2019 Vidyut Employees Co- The Dcit, Operative Housing Vs. Circle-6(1), Society, Hyderabad. Hyderabad – 500 004. Pin – 500 034. Telangana. Telangana. Pan Aaaav5182H (Appellant) (Respondent) िनधा"रती "ारा /Assessee By: Sri Y V Bhanu Narayan Rao, Ca राज" व "ारा /Revenue By: Sri Suresh Babu Kn, Sr. Ar सुनवाई की तारीख/Date Of Hearing: 26.02.2026 घोषणा की तारीख/Pronouncement: 27.02.2026 आदेश/Order

For Appellant: Sri Y V Bhanu Narayan Rao, CAFor Respondent: Sri Suresh Babu KN, Sr. AR
Section 144BSection 147Section 148Section 148ASection 151ASection 250

ITA.No.1878/Hyd./2025 No: ITBA/AST/S/148_2021-22/1042359890(1) issued by the JAO instead of the Faceless A.O are contrary to the e-assessment of Income Escaping Assessment Scheme, 2022, read with CBDT notification no. 18/2022/F, No. 370142/16/2022-TPL dated 29- 03-2022. Thus, all proceedings emanating from such invalid notice, including the reassessment

Annakodiraj, Tirunelveli vs. ITO, Ward-1, Tirunelveli

In the result, the appeal filed by the assessee is partly-allowed

ITA 4121/CHNY/2025[2017-18]Status: DisposedITAT Chennai27 Feb 2026AY 2017-18

Bench: Shri George George K & Shri S.R. Raghunathaआयकर अपील सं./Ita No.: 4121/Chny/2025 िनधा"रण वष"/Assessment Year: 2017-18 Shri Annakodiraj, The Income Tax Officer, 93, Kankanankinaru, Vs. Ward 1, Balapathiraramapuram Po, Tirunelveli Vk Pudur Tk, Tirunelveli – 627 953. Pan: Bydpa 7546K (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri J. Saravanan, Advocate ""यथ" क" ओर से/Respondent By : Shri Aroon Praasad, Addl.Cit सुनवाई क" तारीख/Date Of Hearing : 26.02.2026 घोषणा क" तारीख/Date Of Pronouncement : 27.02.2026 आदेश/ O R D E R Per George George K: This Appeal Filed By The Assessee Is Directed Against The Order Of Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre (Nfac), Delhi Dated 09.10.2025 Passed Under Section 250 Of The Income Tax Act, 1961 (Hereinafter Called ‘The Act’). The Relevant Assessment Year Is 2017-18. :- 2 -:

For Appellant: Shri J. Saravanan, AdvocateFor Respondent: Shri Aroon Praasad, Addl.CIT
Section 147Section 148Section 148ASection 250

other grounds need not be adjudicated and may be left open. The Ld.AR submitted that reassessment was initiated on the pretext of assessing income escaping assessment, which was not assessed in the assessment order completed on 31.01.2025 passed u/s.147 r.w.s 144 r.w.s. 144B of the Act. It was stated that

Vivek Ramaswamy Puthucode, Chennai vs. ITO, International Taxation Ward-2(1), Chennai

The appeal of the assessee is allowed

ITA 3731/CHNY/2025[2015-16]Status: DisposedITAT Chennai27 Feb 2026AY 2015-16

Bench: Shri Aby T. Varkey & Ms. Padmavathy.Sआयकर अपील सं./Ita No.3731/Chny/2025 िनधा&रण वष& /Assessment Year: 2015-16

For Appellant: Mr. S.Muralidhar, C.A *+For Respondent: Dr. M.D. Vijay Kumar, JCIT
Section 148Section 148ASection 149(1)Section 250Section 54

misquoted and that the decision did not qualify any notice on limitation only on procedure. The Ld. DR further argued that if the income escaping assessment is more than Rs.50 lakhs then the time limit as per the new regime of reassessment would apply. 7. We heard the parties

Sri Bannari Amman Fresh Fruit, Chennai, Tamil Nadu vs. The Income Tax Officer, Non-Corporate Ward - 15(1), Chennai, Tamil Nadu

The appeal of the assessee is allowed

ITA 3702/CHNY/2025[2017-18]Status: DisposedITAT Chennai27 Feb 2026AY 2017-18

Bench: Shri Aby T. Varkey & Ms. Padmavathy.Sआयकर अपील सं./Ita No.3702/Chny/2025 िनधा$रण वष$ /Assessment Year: 2017-18

For Appellant: Mr. V. Tharish, CAFor Respondent: Dr. M.D. Vijay Kumar, JCIT
Section 143(1)Section 148Section 148ASection 149Section 149(1)(b)Section 151Section 250Section 68

contentions that the notice under section 148 dated 30.07.2022 is barred by limitation. The Ld. AR submitted that in assessee's case the income escaping assessment is less than Rs.50 lakhs and therefore, the AO ought to have issued notice under section 148 for AY 2017-18 within 3 years ... plain reading of the above provisions, it is clear that the notice under section 148 cannot be issued beyond 3 years were the income escaping assessment is less than Rs.50 lakhs. In other words the statutory requirement under section 149 is explicit and unambiguous, and reassessment beyond three years cannot

Arehalli Rudrappa Vishwanatha, Arehally, Temple, Belur vs. Income- Tax Officer, Ward-1 & Tps, Hassan

In the result, the appeal filed by the assessee is allowed for statistical purposes

ITA 2654/BANG/2025[2016-17]Status: DisposedITAT Bangalore27 Feb 2026AY 2016-17

Bench: Shri Prashant Maharishi, Vice – & Shri Soundararajan K.Assessment Year : 2016-17

For Appellant: Shri Srikrishna Kantila, CAFor Respondent: Shri Balusamy N, JCIT-DR
Section 10(1)Section 142(1)Section 148Section 148ASection 250Section 44ASection 80C

exceptional cases, the limitation is restricted to five years from the end of the relevant assessment year. In the present case, the alleged income escaping assessment does not exceed R50 lakh, and therefore, the issuance of notice under section 148A after the expiry of three years is beyond jurisdiction, contrary

Kaliyappan Arumugam, Karur vs. ITO, Ward-1, Karur

In the result, the appeal of the assessee is allowed and the stay application of the assessee is dismissed as infructuous

ITA 3017/CHNY/2025[2015-16]Status: DisposedITAT Chennai26 Feb 2026AY 2015-16

Bench: Ms. Padmavathy.S & Shri Manu Kumar Giriआयकर अपील सं./Ita No.3017/Chny/2025 & S.A No.5/Chny/2026 (Arises In Ita No.3017/Chny/2025) िनधा#रण वष# /Assessment Year: 2015-16 Kaliyappan Arumugam, The Income Tax Officer, Old No.58A, New No.61, Vs. Ward-1, Kulanthaivelu Salai, Karur. Karur – 638 001. Pan: Aiepa 9862G

For Appellant: Mr. G.Vardini Karthik, AdvocateFor Respondent: Ms. R. Anitha, Addl. CIT
Section 148Section 148ASection 149(1)Section 149(1)(b)Section 250

misquoted and that the decision did not qualify any notice on limitation only on procedure. The Ld. DR further argued that if the income escaping assessment is more than Rs.50 lakhs then the time limit as per the new regime of reassessment would apply. 6. We heard the parties

Bajranglal Bhawarlal Sharma, Borivali East vs. Income Tax Officer, Kautilya Bhavan

ITA 285/MUM/2026[2017-18]Status: DisposedITAT Mumbai26 Feb 2026AY 2017-18

Bench: SHRI RAHUL CHAUDHARY (Judicial Member)

For Appellant: Shri Rajesh SalujaFor Respondent: Shri Aditya Rai
Section 143(3)Section 144BSection 147Section 148Section 148ASection 50CSection 50C(2)

directly co-related to the time when the notice is issued. This plays out as follows under the old regime: (i) If income escaping assessment was less than Rupees one lakh: (a) a reassessment notice could be issued under Section 148 within four years after obtaining the approval ... appropriate authorities specified under section 151 of the new regime. The effect of Section 151 of the new regime is thus: (i) If income escaping assessment is less than Rupees fifty lakhs: (a) a reassessment notice could be issued within three years after obtaining the prior approval of the Principal

Sapna Umesh Dutta, Mumbai vs. ITO Ward, 41(2)(5), Mumbai

ITA 263/MUM/2026[2017-18]Status: DisposedITAT Mumbai26 Feb 2026AY 2017-18

Bench: passing Order, under Section 148A(d) of the Act and issuing notice dated 31/07/2022, the Assessing Officer obtained approval/sanction from the Principal Commissioner of Income Tax, Mumbai. The reassessment proceedings culminated into passing of the Assessment Order, dated 23/05/2023, under Section 147 of the Act. The appeal preferred by the Assessee against the aforesaid Assessment Order was dismissed by the CIT(A) vide Order, dated 27/11/2025. Being aggrieved, the Assessee has preferred th

For Appellant: Shri Tanmay PhadkeFor Respondent: Shri Aditya Rai
Section 147Section 148Section 148ASection 151Section 151A

directly co-related to the time when the notice is issued. This plays out as follows under the old regime: (i) If income escaping assessment was less than Rupees one lakh: (a) a reassessment notice could be issued under Section 148 within four years after obtaining the approval ... appropriate authorities specified under section 151 of the new regime. The effect of Section 151 of the new regime is thus: (i) If income escaping assessment is less than Rupees fifty lakhs: (a) a reassessment notice could be issued within three years after obtaining the prior approval of the Principal

ITO, W-1(3), Vaishali, Hajipur vs. Shiv Sharan Singh, Hajipur

In the result, the appeal filed by the Revenue is partly allowed for statistical purposes

ITA 524/PAT/2025[2014]Status: DisposedITAT Patna24 Feb 2026

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishra

Section 147Section 148Section 250Section 251(1)(a)Section 69A

later on found to be electronic transfer. But this would not in any way discredit the belief formed by the AO for the income escaping assessment, for the default lies only with the appellant for not having furnished the ROI for the impugned assessment year for which no reasons were

Rajib Sarkar, Raiganj vs. ITO, Ward 2(4), Raiganj

In the result, the appeal filed by the assessee is allowed

ITA 2781/KOL/2025[2015-2016]Status: DisposedITAT Kolkata24 Feb 2026AY 2015-2016

Bench: Shri Rajesh Kumar (Accountant Member), Shri Pradip Kumar Choubey (Judicial Member)

Section 142(1)Section 143(1)Section 144BSection 147Section 148Section 151ASection 250Section 69

from 15.3.2022 when he was not empowered under any Notification under section 151A about the applicability of the faceless scheme for making income escaping assessment in faceless manner prior to 29.3.2022. The Ld. CIT(A) ought to have cancelled the assessment order made by the Ld. AO, NFAC ... Central Government hereby makes the following Scheme, namely:- 1. Short title and commencement.—(1) This Scheme may be called the e- Assessment of Income Escaping Assessment Scheme, 2022. (2) It shall come into force with effect from the date of its publication in the Official Gazette. 2. Definitions

Shailesh Asalraj Jain, Mumbai vs. Principal Commissioner of Income Tax, Mumbai 20, Mumbai

In the result, the appeal of the assessee is allowed

ITA 2559/MUM/2025[2018-2019]Status: DisposedITAT Mumbai24 Feb 2026AY 2018-2019

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Assessment Year: 2018-19

For Appellant: Mr. Devendra JainFor Respondent: 03/12/2025
Section 147Section 148ASection 263

elapsed for the relevant assessment year. However, in a years have elapsed for the relevant assessment year. However, in a case where the income escaping assessment is Rs.50,00,000/ case where the income escaping assessment is Rs.50,00,000/ case where the income escaping assessment is Rs.50

M/S.Wellknown Polyesters Limited, Mumbai vs. Deputy Commissioner of Income Tax, Circle 4(3)(1), Mumbai

In the result, the appeal filed by the assessee stands allowed

ITA 8704/MUM/2025[2016-17]Status: DisposedITAT Mumbai20 Feb 2026AY 2016-17

Bench: Smt. Beena Pillai () & Shri Girish Agrawal ()

Section 147Section 148Section 148ASection 151

directly co- related to the time when the notice is issued. This plays out as follows under the old regime: (i) If income escaping assessment was less than Rupees one lakh: (a) a reassessment notice could be issued under section 148 within four years after obtaining the approval ... appropriate authorities specified under section 151 of the new regime. The effect of Section 151 of the new regime is thus: (i) If income escaping assessment is less than Rupees fifty lakhs: (a) a reassessment notice could be issued within three years after obtaining the prior approval of the Principal

ITO-23(3)(6).Mumbai, Mumbai vs. Rajeshwar Bullion Trading, Mumbai

In the result, the appeal is dismissed

ITA 6132/MUM/2025[2017-18]Status: DisposedITAT Mumbai20 Feb 2026AY 2017-18

Bench: Shri Saktijit Dey & Shri Makarand Vasant Mahadeokarm/S. Rajeshwar Bullion Trading Income Tax Officer 2Nd Floor, 61/63, Ward 23(3)(6) Har Narayan Building, Vs. Mumbai Zaveri Bazar, Mumbai-400 002 Pan/Gir No. Aasfr 7707 D (Assessee) : (Revenue) & Income Tax Officer M/S. Rajeshwar Bullion Trading Ward 23(3)(6) 2Nd Floor, 61/63, Mumbai Vs. Har Narayan Building, Zaveri Bazar, Mumbai-400 002 Pan/Gir No. Aasfr 7707 D (Revenue) : (Assessee) Appellant By : Shri Dhran Gandhi Respondent By : Shri Annavaram Kosuri (Sr. Ar) Date Of Hearing : 16.02.2026 Date Of Pronouncement : 20.02.2026 O R D E R Per Saktijit Dey: The Captioned Appeals, One By The Assessee & The Other By The Revenue Arise Out Of Two Separate Orders Passed By National Faceless Appeal Centre (‘Nfac’ For Short), Delhi, Pertaining To The Very Same Assessment Year (A.Y. For Short) 2017-18. However, While Assessee’S Appeal Arises Out Of Original Assessment Proceeding, The Revenue’S Appeal Arises Out Of Reassessment Proceeding U/S. 147 Of The Act. M/S. Rajeshwar Bullion Trading 2. At The Outset, We Will Deal With Assessee’S Appeal, Being Ita No.5754/Mum/2025. In Ground Nos. 1 & 2, The Assessee Has Challenged The Decision Of Ld. First Appellate Authority In Remanding The Issue Back To The Assessing Officer (A.O. For Short) For De Novo Adjudication. Whereas, In Ground No. 3, The Assessee Has Challenged The Non-Adjudication Of The Ground Relating To The Applicability Of Section 115Bbe Of The Act. Since, The Issues Are Overlapping, We Will Deal With Them Concurrently.

For Appellant: Shri Dhran GandhiFor Respondent: Shri Annavaram Kosuri (Sr. AR)
Section 115BSection 147Section 68

appropriate authorities specified under Section 151 of the new regime. The effect of Section 151 of the new regime is thus: (i) If income escaping assessment is less than Rupees fifty lakhs: (a) a reassessment notice could be issued within three years after obtaining the prior approval of the Principal ... Principal Director or Commissioner or Director; and (b) no notice could be issued after the expiry of three years; and (ii) If income escaping assessment is more than Rupees fifty lakhs: (a) a reassessment notice could be issued within three years after obtaining the prior approval of the Principal Commissioner