Delhi HC Quashes AY 2015-16 Section 148 Reassessment Notice

Lalit Gulati Vs ACIT (Delhi High Court) Delhi High Court has set aside a reassessment notice issued by the Income Tax Department for Assessment Year (AY) 2015-16, ruling that the notice was time-barred. The court’s decision in the case of Lalit Gulati Vs Assistant Commissioner of Income Tax (ACIT) hinged on a concession made by the Revenue before the Supreme Court in a separate matter concerning the applicability of limitation periods under the revamped reassessment framework and the Taxation and other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 (TOLA). The case befor...