TaxTMI 
TaxTMI 
2025 (6) TMI 1230
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....Patel, for learned advocate Mr. Manish Shah for the petitioner and learned Senior Standing Counsel Mr. Karan Sanghani for the respondent. 2. Having regard to the controversy involved which is in narrow compass, with the consent of the learned advocates for the respective parties, the matter is taken up for hearing. 3. Rule returnable forthwith. Learned Senior Standing Counsel Mr. Karan Sanghani waives service of notice of rule. 4. By this petition under Article 226/227 of the Constitution of India, the petitioner has challenged assessment order dated 27.5.2023 passed by Respondent No.1 under Section 147 read with Section 144B of the Income Tax Act, 1961 (For short "the Act") and subsequent demand notice dated 27.5.2023 issued to th....
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.... Keenara Industries Pvt. Ltd. v. Income Tax Officer (Supra), wherein the Hon'ble Apex Court stayed the judgment and order passed by this Court. The respondent No.1, relying upon the stay granted by the Hon'ble Apex Court, issued a show-cause notice dated 23.5.2023 to the petitioner, which was objected by the petitioner for reactivating the reassessment proceedings though the notice under Section 148 issued to the petitioner was quashed by this Court. It appears that thereafter the Assessment Order under Section 147 read with Section 144B of the Act was passed on 27.5.2023 making addition of Rs. 60,94,922/- being long term Capital Gain for year under consideration. Subsequently demand notice under Section 156 of the Act was also issued again....
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....ourt in the case of Union of India v. Rajeev Bansal (Supra), would be invalid notice. Reliance was placed on following paragraphs of the Hon'ble Apex Court wherein the situation is explained in detail in paragraph Nos.92, 93 and paragraph Nos. 110 to 114: "92. This Court specifically mentioned that its directions would also apply to three categories: (i) the judgment and order passed by the High Court of Judicature at Allahabad; (ii) all judgments and orders passed by the different High Court on the issue where notices issued under Section 148 of the old regime after 1 April 2021 were set aside; and (iii) writ petitions pending before various High Courts in which notices under Section 148 of the old regim....
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....gal fiction "110. The effect of the creation of the legal fiction in Ashish Agarwal(supra) was that it stopped the clock of limitation with effect from the date of issuance of Section 148 notices under the old regime [which is also the date of issuance of the deemed notices].As discussed in the preceding segments of this judgment, the period from the date of the issuance of the deemed notices 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) has to be excluded from the computation of the period of limitation. Moreover, the period of two weeks granted to the assesses to reply to the show cause notices must also be e....
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....ill have sixty-one days from 18 June 2022 to issue a reassessment notice under Section 148 of the new regime. Thus, in this illustration, the time limit for issuance of a notice under Section 148 of the new regime will end on 18 August 2022. 113.In Ashish Agarwal(supra), this Court allowed the assesses to avail all the defences, including the defence of expiry of the time limit specified under Section 149(1). In the instant appeals, the reassessment notices pertain to the assessment years 2013-2014, 2014-2015, 2015-2016, 2016-2017, and 2017-2018. To assume jurisdiction to issue notices under Section 148 with respect to the relevant assessment years, an assessing officer has to: (i) issue the notices within the period presc....
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....ch PART G 2021, then the specified authority under Section 151(i) has extended time till 30 June 2021 to grant approval; e. In the case of Section 151 of the old regime, the test is: if the time limit of four years from the end of an assessment year falls between 20 March 2020 and 31 March 2021, 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 ....