ITAT Visakhapatnam Quashes Reassessment as Section 148 Notice Time-Barred

Srinivasa Rao Sirivuri Vs ITO (ITAT Visakhapatnam) ITAT Visakhapatnam Quashes Reassessment as Section 148 Notice Held Time-Barred Under Pre-Amended Section 149(1)(b) The ITAT Visakhapatnam in quashed the reassessment proceedings for AY 2015-16 on the ground that the notice issued under Section 148 on 03.04.2022 was time-barred under the limitation prescribed in Section 149(1)(b) as it stood prior to the Finance Act, 2021. The Tribunal observed that the six-year limitation period for reopening the assessment expired on 31.03.2022, and therefore the notice issued after this date was invalid. Rel...