Reassessment notice beyond surviving limitation period is void, so the resulting reassessment cannot stand.

A reassessment notice issued after expiry of the surviving limitation period under the reassessment framework is invalid; here, the notice dated 27-07-2022 for AY 2014-15 was issued after the extended date had expired on 17-06-2022, so it was treated as time barred and void ab initio, and the reassessment proceedings could not be sustained.

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Issues: Whether the notice issued under section 148 of the Income-tax Act, 1961 on 27-07-2022 was barred by limitation in view of the time limit recognised in the Supreme Court's reassessment regime decisions, and whether the reassessment could consequently survive.

Analysis: The relevant assessment year was 2014-15. The Tribunal applied the limitation framework flowing from the Supreme Court's directions governing reassessment notices issued under the substituted regime. On the facts recorded, the extended date for issuance of the notice had expired on 17-06-2022, while the notice under section 148 was issued only on 27-07-2022. The Tribunal therefore treated the notice as having been issued beyond the surviving limitation period. Once the notice was time barred, the reassessment proceedings founded on it could not be sustained.

Conclusion: The notice under section 148 dated 27-07-2022 was held to be time barred and invalid, and the reassessment proceedings were treated as void ab initio. The assessee succeeded on the legal issue.

Ratio Decidendi: A reassessment notice issued after expiry of the surviving limitation period under the applicable reassessment framework is void and cannot sustain the resulting reassessment.

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