TaxTMI 
TaxTMI 
2025 (6) TMI 81
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....Act] in respect of the Assessment Year [AY] 2016- 17. 2. The petitioner is a Hindu Undivided Family [HUF]. The petitioner filed its return of income for AY 2016-17 on 30.07.2016, declaring an income of Rs. 15,97,840/-. On 14.10.2020, a search was conducted under Section 132 of the Act in the case of one Sh. Manoj Kumar Singh, his associates, and various other entities, which also covered the premises and locker of the petitioner. 3. It is the petitioner's contention that no incriminating material was found during the said search therefore, no further proceedings were justified. However, the respondent issued a notice under Section 148 of the Act on 30.06.2021. 4. Subsequently, proceedings under Section 153C of the Act were initiated agai....
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....given by the Supreme Court in Principal Commissioner of Income-tax, Central- 3 v. Abhisar Buildwell (P.) Ltd.: (2024) 2 SCC 433 as a finding or direction to initiate an action under Section 148 of the Act. 7. In response to the aforesaid, the petitioner filed a reply on 13.08.2024, challenging the initiation of the reassessment proceedings. The petitioner claimed that the proceedings are barred by limitation and Section 150 (1) of the Act would be inapplicable, as there was no direction from the Supreme Court to reopen the case, citing the rejection of such a prayer advanced by the Revenue 8. The AO rejected the petitioner's reply and passed an order dated 30.08.2024 under Section 148A(d) of the Act, deeming it a fit case for reopening th....
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....es India Ltd. v. Assistant Commissioner of Income Tax Central Circle-28 Delhi & Ors.: Neutral Citation No.:2024:DHC:7423-DB had rejected a similar contention. The relevant extract of the said decision is set out below: "38. It is pertinent to note that a reference to Sections 147 and 148 of the Act in Abhisar Buildwell firstly appears in paragraph 33 of the report and where the Supreme Court observed that in cases where a search does not result in any incriminating material being found, the only remedy that would be available to the Revenue would be to resort to reassessment. 39. However, the Supreme Court caveated that observation by observing that the initiation of reassessment would be ".....subject to fulfilment of the conditions m....