Delhi High Court Quashes Income Tax Reassessment Notice for

The Delhi High Court has quashed an income tax reassessment notice issued for Assessment Year 2015-16, ruling that the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act (TOLA) cannot extend the limitation period post-April 1, 2021. The court emphasized that after the specified date, reassessment proceedings must adhere to the new procedures and timelines stipulated in the Income Tax Act, without relying on the pandemic-related relaxations of TOLA. This decision provides significant relief to taxpayers, reinforcing the importance of strict adherence to statutory limitation periods by tax authorities.