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of <h1>Reassessment notice under Sections 147 and 148A(b) for AY 2016-17 held time-barred beyond six years</h1> HC examined the validity of reassessment proceedings initiated under s.147 pursuant to a notice under s.148A(b) for AY 2016-17, issued under the post-2021 ... Validity of reopening of assessment u/s 147 - notice beyond period of limitation - Notice under section 148A(b) of New Law as amended by Finance Act, 2021 - scope of TOLA - New regime v/s old regime - HELD THAT:- As relying on MANJU SOMANI [2024 (8) TMI 129 - DELHI HIGH COURT] and RAJEEV BANSAL [2024 (10) TMI 264 - SUPREME COURT (LB)] in the present case, the period of six years from the end of the relevant AY 2016-17 expired on 31.03.2023. The impugned notice has been issued thereafter, and the same is thus barred by limitation. Respondents concurs with the aforesaid view. Thus, the impugned notice is set aside. The petition challenges a notice dated 31.08.2024 issued under Section 148 of the Income Tax Act, 1961, and the antecedent notice under Section 148A(b) and order under Section 148A(d). Reliance was placed on this Court's decision in Manju Somani v. Income Tax Officer Ward-70(1) & Ors and the Supreme Court's decision in Union of India & Others v. Rajeev Bansal. The Rajeev Bansal passage was cited: '46. The ingredients of the proviso could be broken down for analysis as follows: (i) no notice under Section 148 of the new regime can be issued at any time for an assessment year beginning on or before 1 April 2021; (ii) if it is barred at the time when the notice is sought to be issued because of the 'time limits specified under the provisions of' 149(1)(b) of the old regime. Thus, a notice could be issued under Section 148 of the new regime for assessment year 2021-2022 and before only if the time limit for issuance of such notice continued to exist under Section 149(1)(b) of the old regime.' The court applied the proviso to Section 149(1)(b), noting the six-year period for AY 2016-17 expired on 31.03.2023; the impugned notice dated 31.08.2024 was therefore barred by limitation and was set aside.
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