Notice initiating fresh assessment set aside as issued beyond prescribed time limit: Delhi HC

Ramesh Chawla (HUF) Vs ITO (Delhi High Court) Delhi High Court held that department need to comply with the order of the Tribunal in passing a fresh assessment order within the time limit prescribed under section 153(3) of the Income Tax Act. Thus, notices initiating fresh assessment set aside. Facts- Petitioner was served with notice issued u/s. 148 of the Act on the basis of information received that the petitioner has received gifts of Rs. 1 crore from Sh. Harish Kumar. Respondent No. 1 concluded the reassessment proceedings assessing the petitioner at Rs. 1,00,45,000/- by making addition o...