Reassessment Notices u/s 147 and 148 Beyond Time Limits: Delhi HC Enforces Statutory Limits u/s 149(1)

The Delhi High Court has ruled that reassessment notices issued under Sections 147 and 148 of the Income Tax Act, beyond statutory time limits, are invalid. The court emphasized that the time limits specified under Section 149(1) of the Income Tax Act must be strictly adhered to. Reassessment notices issued after the prescribed period are not valid, and the tax authorities cannot initiate assessments beyond these time frames. The ruling provides clarity on the procedural requirements for issuing reassessment notices and reaffirms the importance of adhering to statutory timelines in tax matters.