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2019 (4) TMI 1778 - ITAT DELHIReopening of assessment u/s 147 - period of limitation for reopening u/s 147 - HELD THAT:- Notice u/s 148 was issued for assessment year 1998-99 invoking limitation of 16 years provided in section 149(c) of the Act for holding bank account in HSBC, Zeneva. In the said decision, the Hon’ble Delhi High Court has relied on the decision of the Hon’ble Supreme Court in the case of K.M. Sharma vs. ITO [2002 (4) TMI 7 - SUPREME COURT] wherein held that law of limitation was intended to give certainty and finality to legal proceedings and therefore, proceedings which had attained finality under the existing law due to bar of limitation, could not be held to be open for revival unless the amended provision is clearly given retrospective operation so as to allow upsetting proceedings, which has already been completed and attained finality. In view of the facts of the instant case being identical to facts in the case of Brahma Datt [2018 (12) TMI 832 - DELHI HIGH COURT] respectfully following the decision of the Hon’ble Delhi High Court, the notice issued under section 148 of the Act is held to be barred by limitation and the reassessment proceeding are accordingly quashed. Since we have already quashed the reassessment proceeding on the ground of the limitation of notice under section 148 of the Act, we are not adjudicating the other argument challenging the validity of the reassessment as well as addition on merit as same are rendered only as an academic exercise
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