https://www.taxtmi.com/caselaws?id=771526 The Madras HC allowed a writ petition challenging reopening of assessment beyond limitation period. The assessee's case involved reassessment initiated based on information regarding unusual gains claimed under section 10(38). The court held that section 148 notice dated 26.03.2021 for AY 2013-14 was issued beyond the prescribed limitation period under section 149(1)(a) and (b) of the IT Act. Since the four-year limitation expired on 31.03.2017 and six-year limitation on 31.03.2019, the notice issued in 2021 was without jurisdiction, making the proceedings invalid. en-us Fri, 09 May 2025 00:00:00 +0530 Tue, 27 May 2025 08:32:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771526 The Madras HC allowed a writ petition challenging reopening of assessment beyond limitation period. The assessee's case involved reassessment initiated based on information regarding unusual gains claimed under section 10(38). The court held that section 148 notice dated 26.03.2021 for AY 2013-14 was issued beyond the prescribed limitation period under section 149(1)(a) and (b) of the IT Act. Since the four-year limitation expired on 31.03.2017 and six-year limitation on 31.03.2019, the notice issued in 2021 was without jurisdiction, making the proceedings invalid. Case-Laws Income Tax Fri, 09 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771526