No reassessment as notice was issued beyond the time limit calculated per the Rajeev Bansal Ruling

Sainik Co-operative House Building Society Ltd. Vs ITO (ITAT Amritsar) Conclusion: Reassessment notice issued under the new regime on July 25, 2022, for the Assessment Year 2013-14, was barred by limitation, thereby rendering the subsequent assessment order invalid. Held: Assessee, an Association of Persons (AOP), did not file an income tax return for the Assessment Year 2013-14. The tax authorities identified cash deposits of approximately ₹72.10 lakhs in its bank account for that year. An initial reassessment notice was issued under the old (erstwhile) section 148. Following the Supreme Co...