Gujarat High Court Quashes Reassessment Notice in Income Tax Proceeding for Being Time-Barred Based on Surviving Time Principle. Reassessment notice issued under Section 148 of the Income Tax Act, 1961 for Assessment Year 2016-17 was held invalid as it was issued beyond the surviving time limit as per the Supreme Court's decision in Union of India vs. Ashish Agarwal and Rajeev Bansal....
Background: The matter arose from a reassessment proceeding initiated by the Assistant Commissioner of Income Tax, Circle Gandhinagar against M/s Ammann India Private Limited for Assessment Year 2016-...
