Delhi High Court quashes reassessment proceedings for Assessment years 2016-17 & 2017-18 involving income-escapement under Rs. 50 Lacs
Delhi High Court allows a batch of about 50 writ petitions challenging reassessment proceedings for Assessment years 2016-17 & 2017-18 involving alleged income escapement less than Rs.50 Lac, initiated pursuant to Supreme Court ruling in Ashish Agarwal and consequent CBDT Instruction No. 1/2022 dated 11.05.2022; Accepts Assessee’s limitation plea based on the amended Section 149(1)(a); Rejects Revenue’s plea of ‘time travel’ based on Para 6.1 and 6.2 of the CBDT Instruction, thus, holds that notices issued under the new regime cannot be related back to the notices issued under the old regime; High Court, therefore, quashes Section 148 notices along with Section 148A(d) orders.
The copy of the order is as under:
From,
Krishnakant Jakhotia
Mobile No :-9422507911
Email Id :- taxtalknew@gmail.com
