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TaxBuzz | Delhi High Court quashes reassessment notices issued post Abhisar Buildwell; holds Revenue cannot coax life into notices otherwise barred by limitation September 30, 2024
Published in: TaxBuzz
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We are pleased to share with you a copy of our in-house publication – “TaxBuzz”, wherein we have analysed the recent ruling of the Delhi High Court in a batch of matters led by Dharampal Satyapal Ltd. (as successor of Abhisar Buildwell Pvt. Ltd. The High Court, in the said ruling, has quashed reassessment proceedings initiated by the Revenue pursuant to the apex Court judgment in the case of Abhisar Buildwell [2023] 454 ITR 212 (SC) relying on Instruction No.1 of 2023 (dated 23.08.2023). The Court has elaborately dealt with provisions of section 150 and held that reassessments were barred by limitation u/s 149 observing that “the limited right that was made available to the Revenue by Hon’ble Supreme Court to initiate reassessment proceedings cannot be construed as a carte-blanche enabling the Respondents to overcome and override the restrictions that otherwise appear in Section 149 of the Act.”
Ruling of the Delhi High Court is the first dealing with invalidity to the reassessment proceedings initiated by the Revenue in multiple cases merely relying on observation of the apex Court in Abhisar Buildwell (supra) where search assessments stood quashed in absence of incriminating material.
The matter was successfully represented by Mr. Ajay Vohra, Sr. Advocate, Mr. ROHIT JAIN, Mr. Aniket D. Agrawal, Mr. Deepesh Jain, and Mr. Samarth Chaudhari, Advocates.
We trust that you will find our TaxBuzz useful and look forward to receiving your valuable feedback.
For any further information/ clarification, please feel free to write to:
Mr. Rohit Jain,
Senior Partner
[email protected]
Mr. Aniket D. Agrawal
Associate Partner
[email protected]
Mr. Deepesh Jain
Associate Partner
[email protected]
Mr. Samarth Chaudhari
Senior Associate
[email protected]
