Calcutta HC Quashes Reassessment Notice as Amended Section 149 Limitation Applies Retrospectively

Aarti Highrise Private Limited Vs JCIT (Calcutta High Court) The Calcutta High Court quashed reassessment proceedings initiated against the petitioner for Assessment Year 2015-16, holding that the amended limitation provisions under Section 149 of the Income Tax Act, effective from 01.09.2024, applied to the case. The Court relied on the Supreme Court judgment in Income Tax Officer & Anr. vs Sri Sai Kumar Mateti, which had considered the earlier decision in Union of India & Ors. vs Rajeev Bansal. The petitioner challenged the legality and validity of the show-cause notice dated 25.11.2...