ITAT set aside reassessment notice u/s 148 dated 28/07/2022 as...

ITAT set aside reassessment notice u/s 148 dated 28/07/2022 as time-barred. Applying the SC jurisprudence on interplay between pre- and post-TOLA regimes, the Tribunal held that only the balance or "surviving" period available under the Income-tax Act read with TOLA may be used to complete post-deemed-notice steps, including issuance of a fresh s.148 notice. The original notice dated 30/06/2021 operated as a deemed notice; the surviving window ran only from 28/06/2021 to 30/06/2021 (two days). The AO failed to complete s.148A(c)/(d) and issue s.148 within that surviving period after expiry of the assessee's reply deadline, rendering the impugned notice barred by limitation and quashed.