Telangana HC Quashes Time-Barred Reassessment Notice Under Section 148

Shivam Reddy Gujjala Vs ITO (Telangana High Court) The Telangana High Court has once again reiterated that reassessment notices issued beyond the statutory limitation period under the Income Tax Act, 1961 are unsustainable in law. In this important judgment, the Court quashed the notice issued under Section 148 as well as the consequential assessment proceedings for Assessment Year 2015-16. Introduction The reassessment provisions under Sections 147 and 148 of the Income Tax Act have witnessed substantial litigation after the amendments introduced with effect from 01.04.2021. One of the recurr...