Allowing the petition the Court held that according to section\u00a0149\u00a0of the\u00a0Income-tax Act, 1961\u00a0the limitation for Held, allowing the petition, that the notice dated July 21, 2022, issued under section\u00a0148, for the assessment year 2016-17 was barred by the limitation period prescribed under section\u00a0149\u00a0since the three-year time period had ended on March 31, 2020. Further, the notice was for alleged escaped income which was less than Rs. 50 lakhs and therefore, the benefit of the extended period of limitation beyond three years till ten years was not available. The initiation of reassessment proceedings under section\u00a0147\u00a0was without jurisdiction. If the foundation of any proceeding was illegal and unsustainable, all consequential proceedings or orders were also bad in law. Accordingly, since the notice dated July 21, 2022, issued under section\u00a0148, was barred by limitation and was illegal, unsustainable and void ab initio and set aside, the subsequent reassessment order under section\u00a0147\u00a0and notice of demand under section\u00a0156\u00a0were also quashed and set aside.\u00a0 (AY.2016-17)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 149 : Reassessment-Time limit for notice-Notice after three years-Limitation-Extension of limitation period under 2020 Act-Notice for Assessment Year 2016-17 issued after April 2021-Alleged escapement of income less than Rs. 50 Lakhs-Notice is barred by limitation.[S. 147, 148,151, 156, Taxation and other Laws (Relaxation In Amendment Of Certain Provisions) Act, 2020, Art. 226] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-47466","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-clA","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/47466","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=47466"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/47466\/revisions"}],"predecessor-version":[{"id":47467,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/47466\/revisions\/47467"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=47466"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=47466"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=47466"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}