2025 (6) TMI 1061

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ion Number passed by Respondent No.1 under Section 148(d) of the Income-tax Act, 1961 for the Assessment Year 2015-16 (Annexure'A-1); (ii) Quashing the impugned notice bearing DIN and Notice No. ITBA/ AST/ S/148_1/ 2022-23/1042426411(1) dated 01.04.2022 issued by Respondent No.1 under Section 148 of the Income-tax Act, 1961 for the Assessment year 2015-16 (Annexure 'A-2'); (iii) Quashing the impugned Notice dated 15.03.2022 bearing DIN and Notice No. ITBA/AST/F/148A(SCN)/ 2021-22/104768406(1) issued by Respondent No.1 under Section 148A(b) of the Income-tax Act, 1961 for the Assessment Year 2015-16 (Annexure 'B'); (iv) Quashing the impugned Assessment Order bearing DIN & Order No. ITBA/AST/S/147/2023-24/ 106231621....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... passed by Respondent No.1 under Section 271F of the Income-tax Act, 1961, for the Assessment Year 2015-15 (Annexure 'E-1'); (xi) Quashing the impugned computation sheet bearing DIN & Document No. ITBA/ PNL/S/ 271F/ 2023-24/1062316032(1) dated 27.08.2024 issued by Respondent No.1 for the Assessment year 2015-16 (Annexure 'E-2'); (xii) Quashing the impugned Notice of Demand bearing DIN & Notice No. ITBA/ PNL/ S/ 156/ 2024-25/ 1068065323(1) dated 27.08.2024 issued by Respondent No.1 under Section 156 of the Income- tax Act, 1961 for the Assessment Year 2015-16 (Annexure 'E-3') and (xiii) Pass such order that Hon'ble Court, may seem fit, in the facts and circumstances of the case, and in the interest of justice and e....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... on 01.04.2022, beyond the period of limitation and the same has already been held not to be permissible by the Apex Court in Rajeev Bansal's case supra, which reads as under:- "19(e). The Finance Act, ([2021]) 431 ITR (St.) 52) substituted the old regime for reassessment with a new regime. The first proviso to Section 149 does not expressly bar the application of Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020. Section 3 of Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 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 Taxation and Other Laws (Relaxation and Amendment....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 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 2012-13, the ten-year period would have expired on March 31, 2023, while the six-year period expired on March 31, 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 2012-13 if the escaped assessment amounted to Rupees fifty lakhs or more. The proviso limits the retrospective operation of Section 149(1)(b) to protect the interests of the assesses. 6. Subsequently, in Nehal Ashit's case supra also, the Apex Court reiterated the very same position and di....