TaxTMI 
TaxTMI 
2023 (9) TMI 985
X X X X Extracts X X X X
X X X X Extracts X X X X
....08.2023 whereby the above captioned petition was dismissed. The petitioner had filed the above captioned petition challenging a notice dated 17.04.2023 (hereafter 'the impugned notice') issued under Section 148 of the Income Tax Act 1961 (hereafter 'the Act') for reopening the assessment for the Assessment Year 2019-2020. 2. The impugned notice indicated the transactions forming the basis of income that had escaped assessment, related to supplies from two parties: Milap Advertising and Marketing Private Limited for an aggregate amount of Rs.47,67,772/-; and Angel Enterprises for an aggregate value of Rs.44,80,000/-. In so far as the supplies received from Angel Enterprises are concerned, it was not disputed that the petitioner had provid....
X X X X Extracts X X X X
X X X X Extracts X X X X
....titioner. Third, that the proposals and approvals for issuing the impugned notice under clause (b) of Section 148A of the Act were not provided to the petitioner. And fourth, that the income alleged to have escaped assessment is less than Rs.50,00,000/-; therefore, the notice beyond the period of three years could not be issued. 5. The petitioner's claim that there is no escapement of income from assessment is a matter of merits, which is required to be decided by the Assessing Officer. We are also unable to accept that the notice under Section 148A(b) of the Act is vague or cryptic. The said notice sets out the transactions alleged to have escaped assessment under the Act. The petitioner has also contested the said allegation by providi....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ys. 10. The impugned notice under Section 148A(b) of the Act was issued on 31.03.2023, and provided the petitioner an opportunity to respond to the same on or before 10.04.2023. Thus, the period between 31.03.2023 and 10.04.2023 is required to be excluded by virtue of the fifth proviso to Section 149(1) of the Act. Since, the period of limitation remaining thereafter is less than 7 days, by virtue of the sixth proviso to Section 149(1) of the Act, the period gets extended by 7 days. 11. In view of the above, this court held that the impugned notice was issued on the last date of the limitation period - 17.04.2023 - and the petitioner's contention that the same was issued beyond the period of limitation was erroneous. 12. Mr. K.R. M....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... one month from the end of the month in which the reply referred to in clause (c) is received by him, or where no such reply is furnished, within one month from the end of the month in which time or extended time allowed to furnish a reply as per clause (b) expires: Provided that the provisions of this section shall not apply in a case where,- (a) a search is initiated under section 132 or books of account, other documents or any assets are requisitioned under section 132A in the case of the assessee on or after the 1st day of April, 2021; or (b) the Assessing Officer is satisfied, with the prior approval of the Principal Commissioner or Commissioner that any money, bullion, jewellery or other valuable article or ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....l serve on the assessee a notice, along with a copy of the order passed, if required, under clause (d) of section 148A, requiring him to furnish within [a period of three months from the end of the month in which such notice is issued, or such further period as may be allowed by the Assessing Officer on the basis of an application made in this regard by the assessee], a return of his income or the income of any other person in respect of which he is assessable under this Act during the previous year corresponding to the relevant assessment year, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed; and the provisions of this Act shall, so far as may be, apply accordingly ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....that the income chargeable to tax, represented in the form of- (i) an asset; (ii) expenditure in respect of a transaction or in relation to an event or occasion; or (iii) an entry or entries in the books of account, which has escaped assessment amounts to or is likely to amount to fifty lakh rupees or more:] ... ... Provided also that for the purposes of computing the period of limitation as per this section, the time or extended time allowed to the assessee, as per show-cause notice issued under clause (b) of section 148A or the period during which the proceeding under section 148A is stayed by an order or injunction of any court, shall be excluded: Provided also that where imm....