2023 (7) TMI 1523

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....sessment year 2018-19 on the ground that the same has been passed without approval from the "Specified Authority" as described under Section 151(ii) of the Income Tax Act, 1961 by contending that the approval has been taken from the Principal Commissioner of Income Tax when admittedly the specified authority for approval in this case is Principal Chief CIT since three years has not been passed from the end of the relevant assessment year on the date when the aforesaid impugned order was passed as alleged by the petitioner. Mrs. Das De, learned advocate appearing for the respondent Income Tax Authority has brought to the notice of the Court the recent amendment under Section 151 of the Income Tax Act, 1961 which is relevant and is quoted ....

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....n days, such remaining period shall be extended to seven days and the period of limitation under this sub-section shall be deemed to be extended accordingly. Explanation.- For the purposes of clause (b) of this sub-section "asset" shall include immovable property, being land or building or both, shares or securities, loans and advances, deposits in bank account." On a plain reading of the fifth proviso under Section 149(1) it appears that for the purposes of computing the period of limitation for passing order under Section 148A of the Act, the time or extended time allowed to the assessee, as per show-cause notice under clause (b) of section 148A or the period during which the proceeding under section 148A is stayed by an order or injun....