ITAT Quashes Section 148 Notice as Reassessment Was Initiated Beyond Six-Year Limitation

Penugonda Yagnasree Vs ITO (ITAT Visakhapatnam) In , the appeal before the Income Tax Appellate Tribunal Visakhapatnam Bench concerned the validity of a reassessment notice issued under Section 148 of the Income Tax Act for Assessment Year 2015-16. The assessee challenged the reassessment proceedings on several grounds, including limitation, validity of notice under Sections 148 and 151A, and addition under Section 69A for unexplained bank deposits. The Tribunal first considered the legal issue relating to limitation, as it went to the root of the matter. The assessee argued that the Assessing...