KAD Housing Private Limited Vs DCIT (Delhi High Court)
Delhi High Court held that re-assessment proceedings set aside as assessment in respect of the AY 2015-16 falls beyond the period of ten years as stipulated u/s. 149 read with Section 153C of the Income Tax Act.
Facts- The petitioner has filed the present petition, inter alia, impugning the notice dated 31.08.2024 issued u/s. 148 of the Income Tax Act, 1961 for reopening the assessment in respect of the assessment year (AY) 2015-16.
It is the case of the petitioner that the impugned notice has been issued beyond the period of the limitation as stipulated u/s. 149(1) of the Act. It is pointed out that the first proviso of Section 149(1) of the Act provides that no notice u/s. 148 of the Act could be issued at any time in a case for the relevant AY beginning on or before the first day of April, 2021, if a notice u/s. 148, Section 153A or Section 153C of the Act could not have been issued on account of being beyond the time limit as stipulated under the provisions of Section 149(1)(b) or Section 153A or Section 153C of the Act as the said provisions stood immediately prior to the commencement of the Finance Act, 2021.
