Bombay HC Quashes Reassessment as Limitation Expired Before Assessment Order Was Passed

S.V.S. Securities Ltd Vs ACIT (Bombay High Court) The Bombay High Court considered a writ petition challenging reassessment proceedings initiated under Section 148 of the Income Tax Act for Assessment Year 2015-16. The petitioner challenged the reassessment proceedings primarily on the ground that the reassessment order had become barred by limitation. The petitioner had originally filed its return of income declaring total income of Rs.3,64,55,020 for AY 2015-16. A regular assessment under Section 143(3) was completed on 28.12.2017. Subsequently, a notice dated 04.02.2020 was issued under Sec...