On a writ petition challenging the validity of the reassessment proceedings under section\u00a0147\u00a0of the assessment year 2016-17, on the statutory prescription of limitation under section\u00a0149\u00a0as amended by the Finance Act, 2021 ([2021] 432 ITR (St.) 52), by issuance of notice dated April 29, 2024 under section\u00a0148\u00a0pursuant to the Supreme Court decision in\u00a0UOI \u00a0v. Ashish Agarwal ((2022)444 ITR 1 (SC), allowing the petition, that the notice issued under section\u00a0148\u00a0in order to be sustained when tested on the anvil of the pre-amendment to section\u00a0149(1)(b), would have to meet the prescription of six years period of limitation and that period in respect of the assessment year 2016-17 had ended on March 31, 2023. Therefore, the reassessment proceedings which was commenced pursuant to the notice under section\u00a0147, dated April 29, 2024, was unsustainable. The Assessing Officer did not attempt to sustain the initiation of action on any other statutory provision which could be read as extending the time limit that applied. The order under section\u00a0148A(d)\u00a0and the consequential notice issued under section\u00a0148\u00a0were quashed and set aside. (AY.2016-17)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Limitation-Bar Of Limitation-Initiation of proceedings from 1-4-2021-Notice issued beyond period of limitation of six years-Notice and order is quashed and set aside. [147, 148, 148A(d), 149, 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-47631","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-cof","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/47631","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=47631"}],"version-history":[{"count":3,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/47631\/revisions"}],"predecessor-version":[{"id":49013,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/47631\/revisions\/49013"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=47631"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=47631"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=47631"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}