2010 (4) TMI 375 - HC - Income Tax

Reassessment- Reassessment proceedings could be initiated only within four years from the end of the relevant assessment year as laid down under section 149(1)(b) of the Act. Held that- the notice under section 148 dated March 29 1989 for reopening the assessment for the assessment year 1980-81 was barred by limitation.

Summary

The High Court of Punjab & Haryana quashed a notice dated March 29, 1989, under section 148 of the Income-tax Act, 1961 for reopening the assessment for the assessment year 1980-81. The petition was allowed as the notice was issued beyond the permissible time frame of four years from the end of the relevant assessment year.