Held, allowing the petition, the Court held that, as reasoned by the Supreme Court, UOI v. Rajeev Bansal (2024) 469 ITR 46 (SC), in the first place, no reassessment notice under section 148 could have been issued under the new regime. Secondly, no such notice may in any case had been issued since the original\/unamended period of limitation, i. e., six years had already lapsed before the issuance of the notice, on June 6, 2024. The above reasoning offered by the Supreme Court was based on the concession made by the Additional Solicitor General of India, as is specifically recorded in the judgment of the Supreme Court. The other submissions advanced by the Department need not be entertained as this court may not reach a different conclusion as to the law, in the face of the decision of the Supreme Court. The reassessment notice under section 148 dated June 6, 2024, having been issued after expiry of the six-year limitation, was barred by time and liable to be quashed. (AY. 2016-17)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 149: Reassessment-Time limit for notice-Supreme Court decision binding: Six-year limitation period under unamended section 149(1)(b) expired on 31-3-2023-No reassessment notice may be issued for any assessment year prior to assessment year 2021-22 unless the period of limitation under the unamended Act survived-Notice barred by limitation and hence quashed.[S. 147, 148, 149(1)(b), TOLA, 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_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-65461","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-h1P","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/65461","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=65461"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/65461\/revisions"}],"predecessor-version":[{"id":65462,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/65461\/revisions\/65462"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=65461"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=65461"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=65461"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}