Case Law Analysis
|Income Tax Appellate Tribunal
Section 148 notice barred by Section 149(1)(b) limitation; Rs 20.04 cr share-capital addition quashed | Income-Tax reassessment : ITAT (Kolkata)
ITAT Kolkata ruled the Section 148 reassessment notice for AY 2015-16 was barred by Section 149(1)(b) and set aside the ₹20.04 crore share-capital addition treated as unexplained cash credit. The decision protects taxpayers from reassessment notices served outside the statutory limitation period.