Madras HC Quashes Reassessment Notice on Limitation Grounds

Thulasidass Prabavathi Vs ITO (Madras High Court) Madras High Court on Thursday set aside an income tax reassessment order and notice issued against Thulasidass Prabavathi, proprietor of M/s Venkateshwara Traders, for the Assessment Year 2017-18. The court’s decision was primarily based on the issue of limitation, relying heavily on the Supreme Court’s pronouncements in Union of India & Ors. vs. Ashish Agarwal (2023) and Union of India vs. Rajeev Bansal (2024). The case originated from a cash deposit of Rs. 48,96,000 made by Ms. Prabavathi during the demonetization period (November...