Issuance of Reassessment Notice Under Income Tax Act Beyond Limitation Under TOLA: Gujarat HC...

The Gujarat High Court has quashed a reassessment notice under the Income Tax Act issued beyond the limitation period prescribed by TOLA (Taxation and Other Laws (Relaxation of Certain Provisions) Act, 2020), ruling it time-barred. TOLA was enacted to provide extensions for various tax deadlines due to the COVID-19 pandemic. The court's decision emphasizes that even with these extensions, reassessment notices must adhere to the ultimate deadlines. Issuing a notice beyond the statutory period renders it invalid, providing relief to taxpayers from arbitrarily delayed proceedings.