Dipikaben Kaniyalal Prajapati vs. Principal Commissioner of Income-tax

Parties Involved

Facts Summary

The assessee filed a return of income for the Assessment Year (AY) 2015-16 on 31.07.2015, declaring a total income of Rs.4,73,670/-. The case was reopened under Section 147 of the Income Tax Act, 1961 due to a search action under Section 132 related to the development of real estate projects 'Kalhaar Blues and Greens' and 'Navratna Business Park'. The assessment was finalized on 26.03.2022 by accepting the returned income of the assessee. The Principal Commissioner of Income Tax (PCIT) issued a show-cause notice invoking Section 263 of the Act, leading to the assessee filing an appeal against the order passed by the PCIT.…

Legal Issues

• 1. Whether the PCIT erred in assuming jurisdiction under Section 263 of the Income Tax Act, 1961.
• 2. Whether the reassessment order passed under Section 147 r.w.s. 144B of the IT Act, dated 26/03/2022, was invalid.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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