Reassessment Quashed for Issuing Section 148 Notice Beyond “Surviving Period”

Quasar India Limited Vs Assessment Unit (ITAT Delhi) Delhi ITAT ITAT Sets Aside 148 Notice & Entire Assessment- Quashes Reopening for Crossing Rajeev Bansal “Surviving Period – Assessee challenged reassessment u/s 147 r.w.s. 144B arising from notice u/s 148 dated 28.07.2022 alleging bogus sales of Rs.1,17,95,000/-. CIT(A)/NFAC had upheld the reopening & addition u/s 68. In appeal, Assessee primarily contended that the notice u/s 148 was issued beyond the “surviving period” prescribed by Hon’ble Supreme Court in Rajeev Bansal & the Delhi HC judgment in Ram Balram Build...