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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Reassessment notice under new regime invalid as time-barred; s.149(1)(b) first proviso applies old six-year limit</h1> HC held the reassessment notice issued under the new regime invalid as time-barred. Relying on the Supreme Court precedent, the court ruled that for ... Reopening of assessment u/s 147 - Time limit for notice - period of limitation to issue notice - validity of a notice issued u/s 148/148A - scope of Taxation and other laws (Relaxation and Amendment of certain provisions) Act, 2020 (TOLA) application - provisions of the new reassessment law introduced by the Finance Act, 2021 - Petitioner contends that the impugned notice was issued beyond the period of limitation as prescribed in terms of the first proviso to Section 149(1) - HELD THAT:- As decided in Supreme Court in a recent decision in Rajeev Bansal [2024 (10) TMI 264 - SUPREME COURT (LB)] The first proviso to Section 149(1)(b) requires the determination of whether the time limit prescribed under Section 149(1)(b) of the old regime continues to exist for the assessment year 2021-2022 and before. Resultantly, a notice under Section 148 of the new regime cannot be issued if the period of six years from the end of the relevant assessment year has expired at the time of issuance of the notice. This also ensures that the new time limit of ten years prescribed u/s 149(1)(b) of the new regime applies prospectively. Decided in favour of assessee. Petition challenges an order dated 30.08.2024 under Section 148A(d) and a notice dated 30.08.2024 issued under Section 148 for AY 2016-17 as time-barred under the first proviso to Section 149(1). Reliance is placed on this Court's decision in Manju Somani and the Supreme Court's exposition in Union of India v. Rajeev Bansal, which explains the proviso's operation: 'no notice under Section 148 of the new regime can be issued at any time for an assessment year beginning on or before 1 April 2021,' and a notice 'could be issued under Section 148 of the new regime for assessment year 2021-2022 and before only if the time limit for issuance of such notice continued to exist under Section 149(1)(b) of the old regime.' The Court applied this reasoning to hold that a notice cannot be issued if 'the period of six years from the end of the relevant assessment year has expired at the time of issuance of the notice.' Impugned order and notice for AY 2016-17 are set aside; pending applications disposed of.
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