Reassessment Notice Issued After April Barred By Limitation: ITAT Quashes Notice u/s Of Income-Tax Act

This legal news piece reports a ruling of the Income Tax Appellate Tribunal (ITAT) that a notice issued under Section 148 of the Income Tax Act after April 1, 2021 (for an earlier year) is barred by limitation and thus quashed. It outlines how amendments to the Act changed limitation periods, and the Tribunal held that since the escaped income was below prescribed threshold and the existing time-bar expired, the reassessment notice was void. The article underscores evolving tax-litigation risk and procedural safeguards for taxpayers.