2023 (9) TMI 1484 - HC - Income Tax

Stay Granted on Potentially Time-Barred Income Tax Notice for 2012-13; Hearing Set for October 17, 2023.

The HC granted a stay on the notice dated 13.03.2023, issued under Section 148 of the Income Tax Act, 1961, deeming it potentially time-barred for the ... Validity of assessment u/s 147 as time barred - HELD THAT:- Respondent/revenue, accepts notice. Counter-affidavit will be filed within the next two weeks. Rejoinder thereto, if any, will filed at least two days before the next date of hearing. List the matter on 17.10.2023. Meanwhile, there shall be a stay on the operation of the impugned notice dated 13.03.2023, till further directions of the court. Parties will act based on the digitally signed copy of the order. The scrutiny assessment order under Section 143(3) of the Income Tax Act, 1961 was passed on 16.03.2015; a search under Section 132 was conducted on 01.09.2021. A notice under Section 148 dated 13.03.2023 (for AY 2012-13) is challenged as time-barred. Reliance is placed on the first proviso to Section 149(1), Section 153A(1)(b) and Explanation 1, and on A.R. Safiullah (Madras High Court, 24.03.2021); the issue is also pending in W.P.(C) 5643/2023 (Alankit Insurance TPA Ltd. v. Dy. CIT). CM application granted subject to filing legible annexures at least three days before the next hearing. Notice issued; respondent to file counter-affidavit within two weeks; rejoinder, if any, two days before next date. Matter listed for 17.10.2023. 'There shall be a stay on the operation of the impugned notice dated 13.03.2023, till further directions of the court.' Parties may act on the digitally signed copy.