Reassessment Notice Beyond Limitation – ITAT Quashes 148 Proceedings Against assessee

Aggarwal Abhushan Private Limited Vs DCIT (ITAT Delhi) AO issued notice u/s 148 on 27.07.2022 for AY 2016-17, pursuant to which reassessment was completed u/s 147 r.w.s. 144B on 17.05.2023. Assessee challenged the same before NFAC (CIT(A)), which dismissed the appeal vide order dated 21.01.2025. Before ITAT, Assessee raised additional grounds contending that the 148 notice itself was time-barred, hence the reassessment lacked jurisdiction. Assessee contended that the extended limitation period expired on 21.06.2022 & Notice dated 27.07.2022 was beyond the permissible time limit u/s 149. Re...