AO cannot Initiate Reassessment Proceedings during Pending Rectification Proceedings: ITAT [Read Order]
Referring to the Supreme Court’s decision in SM Overseas Pvt. Ltd. vs. CIT, it was observed that reassessment proceedings could not be initiated while rectification proceedings were pending
The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) held that the Assessing Officer ( AO ) cannot initiate reassessment proceedings under section 148 of Income Tax Act,1961 while rectification proceedings were still pending. Vimoni India Pvt. Ltd.,appellant-assessee, appealed against the order dated 03.11.2014 passed by Commissioner of Income Tax(Appeals)[CIT(A)] for the assessment…
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