TaxTMI 
TaxTMI 
2025 (6) TMI 1309
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....ircumstances of the case by confirming the addition of 93,19,238/- u/s 69 of the Income Tax Act, 1961. 2. The National Faceless Appeal Centre has erred in law, facts and circumstances of the case by confirming the addition of Rs. 93,19,238/- on the ground that the loan given to Jeaneration Clothing Private Limited is Rs. 93,19,238/-inspite of the fact that the loan given to Jeaneration Clothing Private Limited during the year under consideration is Rs. 63,00,000/- only. 3. The National Faceless Appeal Centre has erred in law, facts and circumstances of the case by confirming the addition of Rs. 93,19,238/- u/s 69 of the Act inspite of the fact that the Appellant has borrowed the money through the bank and name of the bank ....
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..... The National Faceless Appeal Centre has erred in law, facts and circumstances of the case by confirming the addition of Rs. 93,19,238/- u/s 69A of the Income Tax Act on the ground that the notice issued u/s 148 of the new regime was not issued after obtaining the approval from the appropriate authorities specified u/s 151 of the Income Tax Act, 1961 and as prescribed in Para 75 of the judgement of the Hon'ble Supreme Court in the case of Union of India v. Rajeev Bansal [2024] 167 taxmann.com 70 (SC)." 2.1 The Ld.AR submitted that, the adjudicating these issues do not require consideration of any new facts. 2.2 On the contrary, the Ld.DR though could not object the submissions of the assessee did not support the admission of the ....
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....declaring income of Rs. 6,54,800/-, the above information needed verification in order to find the sources of unsecured loan of Rs. 93,19,238/- given to M/s. Jeaneration Clothing P. Ltd. These based on the information received by the ITO-6(3)(3), Mumbai, notice under un-amended section 148 of the Act was issued on 10/6/2021 for AY 2017-18 calling upon the assessee to file its return of income. 4.1 It is submitted that, pursuant to the decision of Hon'ble Supreme Court in case of UOI V/s Ashish Agarwal reported in (2022) 138 taxmann.com 64, notice dated 10/06/2021 u/s. 148 of the old regime; was deemed to the notice issued u/s. 148 under the new regime. The Ld.AR submitted that, subsequently notice u/s. 148A(b) was issued on 24/05/2022 gr....
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....provided under section 3(1) of TOLA apply "notwithstanding anything contained in the specified Act." Section 3(1), therefore, overrides the time limits for issuing a notice under section 148 read with Section 149 of the Income-tax Act; d. TOLA does not extend the life of the old regime. It merely provides a relaxation for the completion or compliance of actions following the procedure laid down under the new regime; e. The Finance Act 2021 substituted the old regime for reassessment 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(....
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....fter, the Revenue issued notices under section 148 of the new regime between July and August 2022. Invalidation of the Section 148 notices issued under the new regime on the ground that they were issued beyond the time limit specified under the Income-tax Act read with TOLA will completely frustrate the judicial exercise undertaken by this Court in Ashish Agarwal (supra)." 4.3 Ld.AR submitted that, for A.Y. 2017-18, TOLA being not applicable the notice u/s. 148 under new provisions should have been issued on or before 30/06/2021 being the surviving period granted by Hon'ble Supreme Court by virtue of decision laid down in the case of UOI vs. Ashish Agarwal (supra). She also referred to following paragraphs of the said decision : ....
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....t be given an interpretation that is consistent with the object and purpose of the Income-tax Act." 4.4 On the contrary the Ld.DR relied on the orders passed by authorities below. We have perused the submissions advance by both sides in the light of record placed before us. 5. Admittedly, notice under old provision of the Section 148 was issued to the assessee on 20/06/2022. As per the table in the decision Hon'ble Supreme Court in case of UOI vs. Ashish Agarwal (supra) reproduced here in above, 3 years expired on 31/03/2021. By virtue of ratio laid down by Hon'ble Supreme Court in case of UOI vs. Ashish Agarwal, notices issued between 01/04/2021 and 30/06/2021 was deemed to be issued as on 31/03/2021 and thus extended period to co....