https://www.taxtmi.com/caselaws?id=465864 The dominant issue was whether reassessment proceedings under s.147 could be initiated for AY 2014-15 after expiry of the permissible period under the post-2021 limitation regime in s.149(1)(b) and its proviso, including where alleged escaped income was ?50 lakh or more. The HC held that the six-year period from the end of AY 2014-15 expired on 31.03.2021; a notice issued thereafter was time-barred, and the proviso could not revive a lapsed limitation. Consequently, the impugned reassessment notice was quashed and relief granted to the assessee. en-us Tue, 04 Feb 2025 00:00:00 +0530 Mon, 12 Jan 2026 20:43:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465864 The dominant issue was whether reassessment proceedings under s.147 could be initiated for AY 2014-15 after expiry of the permissible period under the post-2021 limitation regime in s.149(1)(b) and its proviso, including where alleged escaped income was ?50 lakh or more. The HC held that the six-year period from the end of AY 2014-15 expired on 31.03.2021; a notice issued thereafter was time-barred, and the proviso could not revive a lapsed limitation. Consequently, the impugned reassessment notice was quashed and relief granted to the assessee. Case-Laws Income Tax Tue, 04 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465864