Reassessment Quashed as Time-Barred Due to Post-2021 Notice for AY 2015–16

Rahul Purswani Vs ITO (ITAT Pune)  The ITAT Pune held that the reassessment proceedings for AY 2015–16 were invalid as the notice issued under Section 148 dated 12.04.2022 was time-barred. Relying on judicial precedents, including the Supreme Court ruling that all notices issued on or after 01.04.2021 for AY 2015–16 must be dropped, the Tribunal quashed the notice and declared the consequent assessment order void ab initio. Additionally, on merits, the Tribunal found that the addition of ₹12,75,000 was unsustainable since the payments for the immovable property were made in FY 2013–14...