Summary
- The ITAT Raipur has quashed a reassessment notice issued under Section 148 of the Income Tax Act, 1961, citing it as time-barred.
- The notice, dated 27 July 2022, was deemed invalid as it exceeded the surviving limitation period for the Assessment Year 2013-14.
- The Tribunal relied on precedents including the Supreme Court's ruling in Union of India v. Rajeev Bansal to support its decision.
- This ruling underscores the critical importance of adhering to statutory timelines in tax reassessment proceedings, potentially impacting future cases.
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