ITAT Mumbai Quashes Time-Barred 148 Notices, Deletes ₹13 Cr Additions; Third-Party Search Cannot Trigger Section 147

Jagdish Raghunathji Lahoti Vs ACIT (ITAT Mumbai) Time-Barred Notice Dooms Reassessment: ITAT Mumbai Quashes 148 Action- Third-Party Search Can’t Trigger 147: Tribunal Deletes Additions of ₹13 Cr ITAT Mumbai quashed reassessment notices issued u/s 148, holding them to be time barred in the light of the decision of the Hon’ble Supreme Court in UOI v. Rajeev Bansal [2024] 167 taxmann.com 70 (SC). The case arose from information unearthed during a search in the premises of Shree Renuka Mata Multi State Urban Co-operative Credit Society Ltd., which revealed substantial cash deposits in the na...