ITAT Raipur Quashes Reassessment Due to Time-Barred Notice

Kachrulal Jitendra Kumar Vs ITO (ITAT Raipur) Raipur: The Income Tax Appellate Tribunal (ITAT), Raipur Bench, has set aside a reassessment order against M/s Kachrulal Jitendra Kumar for the assessment year 2014-15. The tribunal’s decision, issued on cross-appeals filed by both the assessee firm and the revenue, primarily rests on the grounds that the reassessment notice issued under Section 148 of the Income Tax Act, 1961, was time-barred. The case originated from information received by the Assessing Officer (AO) via the Insight portal, suggesting that the assessee firm had engaged in b...