https://www.taxtmi.com/caselaws?id=774246 ITAT Mumbai held that reassessment notice u/s 148 issued on 27/07/2022 was time-barred. Following SC's decision in Rajeev Bansal, the tribunal calculated surviving time limit under TOLA, finding Revenue had only 58 days till 20/07/2022 to issue notice after show cause notice dated 23/05/2025. Since notice was issued 7 days beyond the limitation period under section 149, the reassessment proceedings were invalid. The assessee's appeal challenging reopening based on alleged bogus long-term capital gains from penny stock transactions was allowed. en-us Thu, 03 Jul 2025 00:00:00 +0530 Sat, 05 Jul 2025 08:47:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774246 ITAT Mumbai held that reassessment notice u/s 148 issued on 27/07/2022 was time-barred. Following SC's decision in Rajeev Bansal, the tribunal calculated surviving time limit under TOLA, finding Revenue had only 58 days till 20/07/2022 to issue notice after show cause notice dated 23/05/2025. Since notice was issued 7 days beyond the limitation period under section 149, the reassessment proceedings were invalid. The assessee's appeal challenging reopening based on alleged bogus long-term capital gains from penny stock transactions was allowed. Case-Laws Income Tax Thu, 03 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774246