ITAT Quashes Reassessment as Section 148 Notice for AY 2015-16 Was Time-Barred

Kala Kumar Vs ITO (ITAT Chennai) The Income Tax Appellate Tribunal (ITAT), Chennai, allowed the assessee’s appeal by quashing the reassessment proceedings initiated under Sections 147 and 148 of the Income-tax Act for Assessment Year (AY) 2015-16, holding that the notice issued under Section 148 was barred by limitation. As the reassessment itself was held to be invalid, the Tribunal did not adjudicate the issues on merits. The assessee had not filed an original return of income for AY 2015-16. Based on information received through the INSIGHT Portal under the Non-Filers Monitoring Syste...