ITAT Hyderabad Quashes Reassessment as Section 148 Notice Was Issued Beyond Limitation Period

Sudheer Parimala Vs ITO (ITAT Hyderabad) In the case of Sudheer Parimala Vs ITO, the assessee challenged the reassessment order for Assessment Year 2015-16 in which cash deposits of Rs.55,04,242 were treated as unexplained money under Section 69A of the Income-tax Act. The assessee contended that the deposits represented genuine business receipts and also raised additional legal grounds challenging the validity of reassessment proceedings initiated under Sections 147 and 148. The assessee argued that the notice issued under Section 148 dated 15.04.2022 was barred by limitation because, under t...