Reopenings for AYs 2014-15 & 2015-16 Time-Barred: ITAT Quashes Section 148 Notices

DCIT Vs LT Foods Limited (ITAT Delhi) Reopenings for AYs 2014-15 & 2015-16 Time-Barred: ITAT Quashes Section 148 Notices Applying Rajeev Bansal Ruling The Delhi ITAT dismissed the Revenue’s appeals and allowed the assessee’s cross-objections by quashing reassessment proceedings for AYs 2014-15 and 2015-16 as barred by limitation. For AY 2015-16, the Tribunal relied on the Revenue’s own concession before the Supreme Court in Rajeev Bansal and Deepak Steel & Power Ltd. that all notices issued on or after 01.04.2021 for that year must be dropped, holding the notice and consequent as...