TaxTMI 
TaxTMI 
2025 (5) TMI 1967
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....(C) 1261/2023 5. The petitioner has filed the present petition, inter alia, impugning a notice dated 26.07.2022 [impugned notice] issued under Section 148 of the Income Tax Act, 1961 [the Act] and further proceedings relating to the said notice in respect of the Assessment Year [AY] 2015-16. 6. The petitioner is a private limited company and is engaged in the business of garments. The petitioner filed its return of income for AY 2015-16 on 28.09.2014, declaring a total income of Rs. 1,41,25,950/-. 7. The Assessing Officer [AO] issued a notice dated 21.04.2021 under Section 148 of the Act seeking to reopen the assessment for AY 2015-16. Although the said notice was issued after 31.03.2021, the procedure as prescribed under Section 148A of....
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....ession as made on behalf of the Revenue: "e. The Finance Act 2021 substituted the old regime for re-assessment with a new regime. The first proviso to Section 149 does not expressly bar the application of TOLA. Section 3 of TOLA applies to the entire Income-tax Act, including Sections 149 and 151 of the new regime. Once the first proviso to Section 149 (1) (b) is read with TOLA, then all the notices issued between 1 April 2021 and 30 June 2021 pertaining to assessment years 2013-14, 2014-15, 2015-16, 2016-17, and 2017-18 will be within the period of limitation as explained in the tabulation below: Assessment year Within 3 Years Expiry of Limitation read with TOLA for (2) Within six Years Expiry of Limitation read with TOL....
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....reported in 2024 SCC OnLine SC 2693, more particularly, paragraph 19 (f) which reads thus:- "19. (f) The Revenue concedes that for the assessment year 2015-2016, all notices issued on or after April 1, 2021 will have to be dropped as they will not fall for completion during the period prescribed under the Taxation and other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020." 5. As the revenue made a concession in the aforesaid decision that is for the assessment year 2015-2016, all notices issued on or after 1st April, 2021 will have to be dropped as they would not fall for completion during the period prescribed under the taxation and other laws (Relaxation and Amendment of certain Provisions Act, 2020). Nothing further i....