The case was reopened on the basis of information that Assessee had generated non-genuine profit/loss on illiquid derivatives through Goodluck Securities Pvt. Ltd. AO issued notice u/s 148 dated 28.07.2022, invoking SC decision in Union of India Vs Ashish Agarwal (2022 SCC Online SC 543). Before Tribunal, Assessee challenged reassessment proceedings, arguing that the notice was invalid being time-barred & that no opportunity of cross-examination was given for third-party statements. Respectfully applying SC rulings, Tribunal held that notice u/s 148 dated 28.07.2022 for AY 2015-16 was invalid & barred by limitation. Respectfully following the decision of the Hon’ble Supreme Court (supra), the impugned notice is set aside and the resultant order is quashed.