2025 (7) TMI 1748

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.... facts and circumstances of the case, the order passed by the Ld. Commissioner of Income Tax (Appeals) [CIT(A)] is bad both in the eye of law and on facts. 2. On the facts and circumstances of the case, the Ld. CIT(A) has erred both on facts and in law in passing the order without giving assessee an opportunity of being heard in violation of the principle of natural justice. 3. On the facts and circumstances of the case, the CIT(A) has erred in confirming the re-assessment proceeding initiated by the AO by issuing notice u/s 148 which is barred by limitation as per the provisions of section 149 of the Act. 4. On the facts and circumstances of the case, the CIT(A) has erred in confirming the assessment proceedings initiated by issuing ....

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.... law in confirming the addition of Rs. 50,49,975/- u/s. 69 of the Act by treating the alleged bogus LTCG concealed income of the appellant. (ii) That the addition has been confirmed despite the transaction having been done through proper banking channel and as per the Rules and Regulations of the Stock Exchange. 10. That the appellant craves leave to add, amend or alter any of the grounds of appeal. 3. The brief facts of the case are that the assessee has filed the return of income by declaring income of Rs. 25,29,444/- on 28-08-2015. Subsequently information received that the assessee claimed Bogus LTCG through reputed stocks by issuing ante dated forged notes to the tune of Rs. 50,49,975/-. Notice u/s 142(1) was issued to the assessee ....

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....eyond time. Reliance has placed on the decisions of Union of India & Ors Vs. Rajeev Bansal 2024 (10) TMI 264 Supreme Court (LB) in this Case the Hon'ble Supreme Court held as under: 17. In Ashish Agarwal (supra), this Court was called upon to decide whether the Revenue was correct in assessee's, was already in force. This Court resolved the issue by holding that all reassessment notices issued after 1 April 2021 should have been issued in accordance with the new regime. However, the Court construed the notices issued under Section 148 of the old regime by deeming them to be notices issued under Section 148A(b) of the new regime. In Ashish Agarwal (supra), this Court did not deal with the issue of whether or not the reassessment notices we....

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....ment years; c. The relaxations 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 re-assessment 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 pro....