2025 (5) TMI 2168

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....] 2013-14. 2. The petitioner had filed its return of income for AY 2013-14 on 10.07.2013, declaring an income of Rs.46,59,180/-. On 11.11.2014, a search was conducted under Section 132 of the Act in the case of Sh. Y.K. Gupta and his family members (Smt. Meera Gupta and Mukul Gupta). 3. It is the petitioner's contention that no incriminating material pertaining to the searched persons was found during the said search thus, no further proceedings were warranted. 4. Pursuant to the search, proceedings under Section 153A of the Act were initiated against the petitioner by issuance of a notice dated 22.12.2016. Thereafter, the assessment order dated 30.12.2016 was passed under the Section 153A read with Section 143(3) of the Act, where....

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....he aforesaid notice, the petitioner filed a reply on 25.01.2024, challenging the initiation of the reassessment proceedings. The petitioner claimed that the notice dated 11.01.2024 was time barred and not valid, as it was not signed by the AO who issued the notice. 9. On 21.02.2024, the AO rejected the petitioner's reply, and passed an order under Section 148A(d) of the Act, deeming it a fit case for issuing a notice under Section 148 of the Act, and the AO on 21.02.2024, issued a notice under Section 148 of the Act, asserting that the proceedings were within the limitation period by invoking Section 150 of the Act. 10. The impugned notice is clearly beyond the period as stipulated under Section 149(1) of the Act. However, it is the R....

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.... that a reference to Sections 147 and 148 of the Act in Abhisar Buildwell firstly appears in paragraph 33 of the report and where the Supreme Court observed that in cases where a search does not result in any incriminating material being found, the only remedy that would be available to the Revenue would be to resort to reassessment. 39. However, the Supreme Court caveated that observation by observing that the initiation of reassessment would be ".....subject to fulfilment of the conditions mentioned in Sections 147/148, as in such a situation, the Revenue cannot be left with no remedy". This sentiment came to be reiterated with the Supreme Court observing that the power of the Revenue to initiate reassessment must be saved failin....