Reopening of assessment u/s 147 - eligibility of exemption u/s ...

Reopening of Tax Assessment Unjustified Due to Prior Filing; Section 12A(1)(ba) Amendment Not Applicable Retrospectively.

February 12, 2024

Case Laws Income Tax AT

Reopening of assessment u/s 147 - eligibility of exemption u/s 11 - The ITAT Mumbai found that the reopening of the assessment was based on incorrect premises since the assessee had filed the return of income. Moreover, it held that the application of Section 12A(1)(ba) by the CIT(A) was inappropriate for the relevant assessment years as the amendment was prospective and not retrospective. Consequently, the ITAT quashed the assessment orders.

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Reopening of assessment u/s 147 - eligibility of exemption u/s ...

Reopening of Tax Assessment Unjustified Due to Prior Filing; Section 12A(1)(ba) Amendment Not Applicable Retrospectively.

February 12, 2024

Case Laws Income Tax AT

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