Reopening of Assessment for AY 2015-16 Quashed by ITAT Kolkata

Pramod Lakra Vs Urvashi Sarees Pvt. Ltd. (ITAT Kolkata) Whether reassessment notice for AY 2015-16 issued taking cognisance of TOLA after 1-4-2021 is barred by limitation? Brief facts: The Kolkata ITAT Benches in this case was dealing with a situation where the notice u/s 148 was issued after 1-4-2021 under the old law taking benefit of TOLA and after the judgement in the case of Union of India Vs Ashish Agarwal, the second notice was issued on 31-7-2022. The assessee’s argument regarding the notice being barred by limitation were not upheld by 1st appellate authority. Before the ITAT it was...