Summary
- The Mumbai ITAT has quashed reassessments due to the issuance of Section 148 notices in July 2022, which exceeded the limitation period.
- This ruling is based on the precedent set in the Rajeev Bansal case, emphasizing strict adherence to time limits for reopening assessments.
- The decision underscores the importance of compliance with statutory timelines in income tax proceedings.
- Taxpayers may find this ruling pivotal in challenging similar reassessment notices issued beyond permissible limits.
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