No Right to Assessing Authority in Reassessing Prior Years Without Inquiry While Considering  Assessment of Relevant Year under Income Tax Act: Kerala HC [Read Order]

The bench held that the allowance of a claim for depreciation on a claim for set-off of unabsorbed depreciation of earlier years could not have been gone into by the First Appellate Authority
By Yogitha S. Yogesh - On November 13, 2024 1:35 pm - 2 mins read
Income Tax - Income Tax Act - Kerala HC - Income Tax Act 1961 - TAXSCAN

In a significant case, the Kerala High Court held that assessing authority has no right to reassess prior years without inquiry while determining the assessment of relevant years under Income Tax Act, 1961. Kings Infra Ventures Ltd., the assessee/appellant, filed a nil income tax return for the 2011-12 assessment year, claiming a carried-forward loss of…

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