ITAT Mumbai Quashes Reassessment as Section 148 Notice Was Issued Beyond Surviving Limitation Period

ACT-19(3) Vs Sahjanand Diamonds (ITAT Mumbai) In a case before the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT), the Revenue challenged the order of the Commissioner of Income Tax (Appeals) [CIT(A)] for Assessment Year 2013-14, while the assessee filed a cross objection contesting the validity of reassessment proceedings initiated under Sections 147 and 148 of the Income-tax Act, 1961. The Revenue argued that the reassessment notice issued on 07.06.2021 was not barred by limitation because the limitation period stood extended under the Taxation and Other Laws (Relaxation and Amendm...