2025 (7) TMI 1056

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....he Act; order dated 22.07.2022 issued under Section 148A(d) of the Act; letter dated 23.05.2022 issued under Section 148A(b) of the Act; the reassessment order dated 15.05.2023 issued under Section 147 read with Section 144B of the Act; and further proceedings relating to the aforesaid notices in respect of assessment year [AY] 2015-16. 2. The petitioner is a private limited company and is engaged in the business of trading in securities, commodities, currency and derivatives. The petitioner filed its return of income for the AY 2015-16 on 29.09.2015, declaring income of Rs. 22,50,999/-. 3. The Assessing Officer [AO] issued a notice dated 30.06.2021 under Section 148 of the Act seeking to reopen the assessment for AY 2015-16. Although the....

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....t in Union of India and Ors. v. Rajeev Bansal (supra), which sets out the concession as made on behalf of the Revenue: "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(1)(b) is read with TOLA, then all the notices issued between 1 April 2021 and 30 June 2021 pertaining to assessment years 2013-14, 2014-15, 2015-16, 2016-17, and 2017-18 will be within the period of limitation as explained in the tabulation below: Assessment year Within 3 Years Expiry of Limitation read with TOLA ....

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....ion of this Court in Union of India and Ors. v. Rajeev Bansal, reported in 2024 SCC OnLine SC 2693, more particularly, paragraph 19(f) which reads thus:- "19. (f) The Revenue concedes that for the assessment year 2015-2016, all notices issued on or after April 1, 2021 will have to be dropped as they will not fall for completion during the period prescribed under the Taxation and other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020." 5. As the revenue made a concession in the aforesaid decision that is for the assessment year 2015-2016, all notices issued on or after 1st April, 2021 will have to be dropped as they would not fall for completion during the period prescribed under the taxation and other laws (Relaxation a....