TaxTMI 
TaxTMI 
2025 (6) TMI 77
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.....2024 along with consequential demand notice dated 09.07.2024 [at Annexure C (Colly) to this petition] for the Assessment Year 2014-15; (b) pending the admission, hearing and final disposal of this petition, stay the implementation and operation of the impugned Assessment Order dated 29.03.2022 along with consequential demand notice dated 29.03.2022 [at Annexure B Colly) to this petition] as well as the impugned rectification order dated 04.07.2024 along with consequential demand notice dated 09.07.2024 [at Annexure C (Colly) to this petition] for the Assessment Year 2014-15; (c) pending the admission, hearing and final disposal of this petition, direct the respondent authorities not to take any coercive steps towards recovery of demand as per the impugned Assessment Order dated 29.03.2022 along with consequential demand notice dated 29.03.2022 [at Annexure B (Colly) to this petition] and the impugned Rectification Order dated 04.07.2024 with consequential demand notice dated 09.07.2024 [at Annexure C (Colly) to this petition] for the Assessment Year 2014-15; 3. Brief facts of the case are as under: 3.1 The petitioner filed return of income for the assessment year 2014-15 on ....
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....dated 29.03.2022 passed under section 147 read with section 144B of the Act would become infructuous. 3.10 It also appears that the petitioner challenged the action of reopening before this Court by filing Special Civil Application No. 19145 of 2022 which was allowed by Judgement and Order dated 07.02.2023 on the ground of limitation while deciding the similar matter following the lead matter being in case of Keenara Industries Private Limited vs. ITO reported in (2023) 453 51 (Guj). 3.11 The petitioner thereafter raised an online grievance on 15.02.2023 requesting the department to quash the earlier assessment order. However, the said grievance was closed on 16.03.2023 with a remark that the petitioner has sought quashing of the order passed by NaFAC against which, the appeal is pending before the first appellate authority and therefore, it is not possible to quash the order as the reassessment proceedings are again initiated by the department in view of the decision of the Hon'ble Apex Court in case of Ashish Agarwal (supra). The petitioner, therefore, by letter dated 25.03.2023 informed the respondent authority about the decision passed by this Court in case of Special Civil A....
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....on 154 of the Act rejected the prayer made by the petitioner holding that the petitioner is liable for levy of interest under sections 234A and 234B of the Act and accordingly, the amount payable by the petitioner for the year under consideration was quantified at Rs. 44,44,95,657/- and later on demand notice dated 09.07.2024 was also issued for the same. 5. The respondent thereafter issued recovery notices dated 11.07.2024 and 25.07.2024 calling upon the petitioner to pay outstanding demand including the interest levied under sections 234A and 234B of the Act quantified at Rs. 44,44,85,657/- by virtue of the order passed under section 154 of the Act. Being aggrieved, the petitioner has preferred this petition with the aforesaid prayers. 6. Learned Senior Advocate Mr. Tushar Hemani for the petitioner submitted that relying upon the order dated 17.05.2023 of the Hon'ble Apex Court whereby the decision in case of Keenara Industries (supra) was stayed, the respondent authority have again initiated the proceedings of re-assessment by issuing notice dated 27.05.2023 under section 142(1) of the Act. 6.1 Learned Senior Advocate Mr. Tushar Hemani submitted that the show-cause notice da....
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....21, then the specified authority under Section 151(2) has extended time till 31 March 2021 to grant approval; f. The directions in Ashish Agarwal (supra) will extend to all the ninety thousand reassessment notices issued under the old regime during the period 1 April 2021 and 30 June 2021; g. The time during which the show cause notices were deemed to be stayed is from the date of issuance of the deemed notice between 1 April 2021 and 30 June 2021 till the supply of relevant information and material by the assessing officers to the assesses in terms of the directions issued by this Court in Ashish Agarwal (supra), and the period of two weeks allowed to the assesses to respond to the show cause notices; and h. The assessing officers were required to issue the reassessment notice under Section 148 of the new regime within the time limit surviving under the Income Tax Act read with TOLA. All notices issued beyond the surviving period are time barred and liable to be set aside;" 6.4 It was submitted that in view of the above decision, the effect of the assessment order dated 29.03.2022 is required to be considered as to whether the petitioner would be liable for the demand raise....