SC Remands Reassessment Cases as AY 2015-16 Notices May Be Time-Barred

ITO Vs Sai Kumar Mateti (Supreme Court of India) The Supreme Court disposed of a batch of 103 civil appeals concerning reassessment notices by remitting the matters to the respective jurisdictional High Courts for fresh determination. The Court noted that these cases had earlier been segregated because they might relate to Assessment Year (AY) 2015-16. During the hearing, the Revenue fairly conceded that reassessment notices relating to AY 2015-16 would be barred by limitation in view of the Supreme Court’s decision in Union of India v. Rajeev Bansal. The Court observed that if the cases wer...