Reassessment Time-Barred Despite TOLA & Ashish Agarwal: ITAT Upholds Quashing

ACIT Vs Vinay Kumar Gupta (ITAT Mumbai) The core issue was whether a reassessment notice issued on 31.07.2022 was within the limitation period considering extensions under TOLA and the Supreme Court rulings in Ashish Agarwal and Rajeev Bansal. The Revenue argued that extended timelines and legal fiction under Ashish Agarwal preserved the validity of notices and allowed sufficient time to complete reassessment. However, the Tribunal applied the computation method laid down by the Supreme Court in Rajeev Bansal, which requires calculating the “surviving time” after factoring exclusions (incl...