Rajasthan HC Stays Final Order in Time-Barred Reassessment

Ram Babu Agarwal Vs ACIT (Rajasthan High Court) Rajasthan High Court heard a plea by Ram Babu Agarwal challenging the reopening of his assessment for the Assessment Year (AY) 2012-13 through a notice issued under Section 148 of the Income Tax Act, 1961. The petitioner argued that the reassessment proceedings were time-barred under Section 149(1)(b) and thus beyond jurisdiction. Citing the Finance Act, 2021, he contended that notices for assessments prior to April 1, 2021, could not be issued if they were already beyond the prescribed limitation period under the earlier provisions of Sections 1...