2025 (1) TMI 1529

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....ted that in this case, the notice issued u/s 148 of the Act, which is sine qua non for reopening of the assessment, has been issued beyond the period of limitation. He has further submitted that even the said notice u/s 148 of the Act was issued in the name of different assessee. The Ld. Counsel for the assessee has invited our attention to page no. 19 of paper book to submit that the earlier notice u/s 148 of the Act was issued to the assessee on 21.04.2021 was under the old provisions of the Act. The provision of section 147/148 of the Act stood amended w.e.f. 01.04.2021 and therefore, the AO was required to issue notice u/s 148 of the Act under the new provisions. Accordingly, the said notice was treated by the AO as withdrawn and the fr....

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....re, the reopening of the assessment is bad in law on both counts. The issue is squarely covered by the decision of the co-ordinate Bench of the Tribunal in the case of ACIT-19(1), Mumbai Vs. Manish Financial, ITA No. 5050 & 5055/Mum/2024 & others, order dated 02.12.2024, wherein, the co-ordinate Bench of the Tribunal in the identical facts and circumstances, has observed as under: "6. We heard the parties and perused the material on record. In assessee's case, the AO issued the original notice under section 148 dated 29.06.2021 for AY 2015- 16 and consequent to the directions given by the Hon'ble Supreme Court in the case of Ashish Agrawal (supra), the said notice was deemed as notice issued under section 148A(b). The AO after pa....

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....escribed 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 under section 149(1)(b) of the new regime applies prospectively. For example, for the assessment year 2012-2013, the ten year period would have expired on 31 March 2023, while the six year period expired on 31 March 2019. Without the proviso to Section 149(1)(b) of the new regime, the Revenue could have had the power to reopen assessments for the year 2012-2013 if the....