Agarwal Finestate Pvt. Ltd. Vs Income Tax Officer, Ward-1(1), New Delhi-110002

Parties Involved

Facts Summary

This appeal arises from the reassessment proceedings initiated by the Income Tax Officer for Assessment Year 2015-16 under sections 147 read with 143(3) of the Income Tax Act, 1961. The reopening of the assessment was based on a section 148 notice issued on 26.06.2021. The appellant, Agarwal Finestate Pvt. Ltd., contested the validity of this reopening, arguing that the notice was time-barred under the provisions of the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 (TOLA). The respondent, Income Tax Officer, defended the reopening. The case hinges on whether the notice issued under section 148 was valid given the limitation aspect under TOLA.…

Legal Issues

• 1. Validity of the reopening of assessment under section 148 of the Income Tax Act, 1961.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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