Rajasthan HC stays Time barred Re-assessment Proceedings

Rajendra Bana Vs ITO (Rajasthan High Court) Shri Vedant Agarwal, learned counsel representing the petitioner drew the Court’s attention to the order dated 11.10.2022 passed by Division Bench of this Court at Jaipur in D.B. Civil Writ Petition No.14794/2022 and urged that the impugned notice whereby, the re-assessment proceedings have been opened against the petitioner, is time barred because the amount involved is less than 50 lacs. It is submitted that the instructions dated 11.05.2022 issued by the CBTD are ultra-vires the provision of Income Tax Act, 1961 and hence, the impugned proceedin...