ITAT Quashes Reassessment Notices Against Larsen & Toubro as Time-Barred

DCIT Vs Larsen & Toubro Limited (ITAT Mumbai) The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has quashed reassessment proceedings initiated against Larsen & Toubro Limited (L&T) for the assessment years (AY) 2014-15 and 2015-16. The tribunal held that the reassessment notices issued by the Assessing Officer (AO) were barred by limitation, rendering the entire proceedings invalid. The ruling heavily relied on recent Supreme Court judgments that clarified the complex transitional issues arising from the amendment of tax laws in 2021. The case centered on reassessment no...