Section 148 Notice for AY 2015-16 Held Time-Barred: ITAT Mumbai

Babu Hasan Shaikh Vs ITO (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai, has set aside a reassessment order against Babu Hasan Shaikh, an individual engaged in the construction business. The case, related to the assessment year (AY) 2015-16, centered on the validity of a reassessment notice issued by the Assessing Officer (AO). The AO had initiated proceedings after discovering that the assessee had sold an immovable property for Rs. 1.98 crore but had not filed an income tax return. The reassessment notice under Section 148 of the Income Tax Act was issued on April 18, 2022, a...