Reopening Barred by Limitation: ITAT Quashes 148 Notice for AY 2015-16 Post-TOLA

Bangamata Tie-up Private Limited Vs ITO (ITAT Kolkata) Reopening Beyond Limitation — ITAT Kolkata Quashes 148 Notice for A.Y. 2015-16 Following Rajeev Bansal (SC) Kolkata ITAT allowed the appeal of Bangamata Tie-Up Pvt. Ltd., holding that the reopening of assessment u/s 147 was barred by limitation in light of the Supreme Court’s ruling in Union of India v. Rajeev Bansal [2024] 469 ITR 46 (SC). Facts The AO reopened the case based on information from the Insight Portal that the Assessee had received ₹2.17 crore from companies later struck off by the ROC, treating the credits as accommoda...