Time-barred Section 148 – Finance Act, 2021: Rajasthan HC Stays Final Order

Radha Mohan Maheshwari Vs ACIT (Rajasthan High Court) Rajasthan High Court heard a petition by Radha Mohan Maheshwari challenging the reopening of his Assessment Year (AY) 2012-13 assessment under Section 148 of the Income Tax Act, 1961. The petitioner contended that the reassessment notice was time-barred under Section 149(1)(b) and therefore lacked jurisdiction. Referring to the Finance Act, 2021, the petitioner argued that reassessment notices for assessments before April 1, 2021, could not be issued if they were already beyond the statutory limitation period under the previous provisions o...