ITAT Jaipur quashes Reassessment Beyond Six Years for Being Time-Barred

Lal Chand Meena Vs ITO (ITAT Jaipur) Reopening Beyond Six Years Held Time-Barred – ITAT Jaipur Quashes 148 Notice & Assessment as Void Assessee, an individual, filed a return declaring income of ₹3.44 lakh. Assessment was initially completed u/s 147 r.w.s. 143(3) in October 2016 after allowing exemption u/s 54F on sale of property. Later, the case was reopened again u/s 147 by issuing a fresh notice u/s 148 on 30.03.2021, alleging excess exemption claim of ₹34.25 lakh, since AO applied section 50C (stamp duty value) instead of actual sale consideration to compute capital gains. CIT(A...