M/s. Gupta Builders and Developers Vs. Asst. Commissioner of Income Tax, Central Circle 4(3), Mumbai
Case No: ITA No.70/Mum/2025
Court: INCOME TAX APPELLATE TRIBUNAL “J (SMC)” BENCH, MUMBAI
Date: 1/23/2026
Parties Involved
appellantM/s. Gupta Builders and Developers
respondentAsst. Commissioner of Income Tax, Central Circle 4(3), Mumbai
Facts Summary
The assessee firm, M/s. Gupta Builders and Developers, is engaged in the business of construction and development. It filed its return of income for the assessment year 2017-18, declaring a total income of Rs.32,32,240/-. The case was selected for scrutiny, and the initial assessment under section 143(3) was completed on 24.09.2018, accepting the returned income. Subsequently, the case was reopened under section 147 via a notice under section 148 dated 01.04.2021, due to an unsecured loan of Rs.…
Decision in favour of
Assessee
Legal Issues
- 1. Validity of the reassessment notice under section 148 of the Act dated 01.04.2021.
- 2. Whether multiple proceedings can be initiated for the same assessment year.
1 more legal issue analysed in this judgement.
Precedents Relied Upon
4 precedents cited in this judgement.