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Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
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AI Drafter - (New and Powerful) ✕ Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
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Issues: (i) Whether the notice issued under section 148 of the Income-tax Act, 1961 dated 08/04/2022 for AY 2015-16 was barred by limitation under the first proviso to section 149(1) of the Income-tax Act, 1961, and whether the consequent proceedings and assessment order under section 147 r.w.s. 144C(13) are invalid.
Analysis: The applicable statutory framework includes Section 149(1) of the Income-tax Act, 1961 as substituted by Finance Act, 2021, and the first proviso thereto which preserves the old regime's time limits for assessment years beginning on or before 01-04-2021. For AY 2015-16 the six-year limitation under the old regime expired on 31-03-2022. The notice under section 148 was issued on 08-04-2022, after that cut-off date. The exclusions for time computation relating to section 148A proceedings cannot operate to validate a notice that was already time-barred under the old regime as per the first proviso to section 149(1). Precedent and comparative authorities interpreting the proviso confirm that the first proviso acts as a threshold restricting retrospective application of extended limitation; procedural compliance with section 148A or reliance on later provisos does not revive a notice that was beyond the old law's limitation at the time of issuance.
Conclusion: The notice issued under section 148 of the Income-tax Act, 1961 dated 08/04/2022 for AY 2015-16 was barred by limitation under the first proviso to section 149(1) of the Income-tax Act, 1961; the subsequent proceedings and the assessment order passed under section 147 r.w.s. 144C(13) are invalid. The appeal is allowed in favour of the assessee.
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