Section 148 notice time-barred: ITAT Mumbai Quashes Reassessment

ACIT Vs Ramchand Thakurdas Jhamtani (ITAT Mumbai) Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has quashed a reassessment order issued against Ramchand Thakurdas Jhamtani for the Assessment Year 2014-15. The tribunal’s decision, delivered on cross-appeals filed by the Revenue and cross-objections by the assessee, hinged on the crucial finding that the reassessment notice issued under Section 148 of the Income Tax Act, 1961, was beyond the legally prescribed period of limitation. The dispute originated when the Assessing Officer (AO) initiated reassessment proceedings against Mr. J...