Liberty Given To Revenue In SC's Abhisar Buildwell Judgment To Initiate Reassessment Proceedings Doesn't Overcome Limitation U/S 149 Income Tax Act: Delhi HC

The Delhi High Court, in the case concerning reassessment proceedings, interpreted Section 149 of the Income Tax Act and its limitations. The ruling followed the Abhisar Buildwell judgment, where the court scrutinized the applicability of time limits under the section. The court held that reassessment proceedings initiated beyond the prescribed limitation period are invalid. This judgment emphasized the importance of adhering to statutory deadlines in tax assessments, protecting taxpayers from unreasonable extensions of proceedings. The ruling clarifies the limitations for reassessments and upholds taxpayer rights against indefinite extensions of assessment periods.