P&H HC Quashes time-barred Reassessment Notices for AY 2015-16

Jay Jay Agro Industries Vs ITO (Punjab And Haryana High Court) Punjab and Haryana High Court has quashed reassessment orders and notices issued to Jay Jay Agro Industries for the Assessment Year (AY) 2015-16, ruling them to be time-barred. This decision stems from the interpretation of recent amendments to the Income Tax Act, 1961, particularly the Finance Act, 2021, and subsequent Supreme Court rulings. Background of Reassessment Notices The Finance Act, 2021, which came into effect on April 1, 2021, introduced significant changes to reassessment proceedings, primarily through substituted Sec...