Global Emerging Markets India Limited Vs. Assessment Unit, Income Tax Department, NFAC

Parties Involved

Facts Summary

The assessee, Global Emerging Markets India Limited, filed its return of income for AY 2013-14 declaring losses. A notice under Section 148 of the Income Tax Act was issued to the assessee on 30.06.2021. The assessee challenged the validity of this notice, arguing it was barred by limitation. The case involved complex timelines and legal interpretations regarding the issuance of notices under the old and new regimes of Section 148, particularly in light of the Finance Act, 2021, and subsequent Supreme Court decisions. The assessee submitted replies to the notices, and the Assessing Officer issued further notices and orders, which were contested on the grounds of limitation.…

Legal Issues

• 1. Whether the notice issued under Section 148 of the Income Tax Act on 28.06.2022 is barred by limitation.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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