https://www.taxtmi.com/caselaws?id=764176 The HC determined that the reassessment proceedings against the assessee were invalid due to being initiated beyond the statutory time limits set by the amended Section 149(1) of the Income Tax Act, 1961. The court found that the notices issued on May 25, 2022, and July 21, 2022, were time-barred as they exceeded the deadline of March 31, 2022, for the Assessment Year 2015-16. Consequently, all reassessment notices and the subsequent order were quashed, and the appeal of the assessee was allowed. The judgment underscores the necessity of adhering to statutory timelines in reassessment proceedings. en-us Fri, 27 Dec 2024 00:00:00 +0530 Sat, 04 Jan 2025 08:44:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764176 The HC determined that the reassessment proceedings against the assessee were invalid due to being initiated beyond the statutory time limits set by the amended Section 149(1) of the Income Tax Act, 1961. The court found that the notices issued on May 25, 2022, and July 21, 2022, were time-barred as they exceeded the deadline of March 31, 2022, for the Assessment Year 2015-16. Consequently, all reassessment notices and the subsequent order were quashed, and the appeal of the assessee was allowed. The judgment underscores the necessity of adhering to statutory timelines in reassessment proceedings. Case-Laws Income Tax Fri, 27 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764176