2024 (8) TMI 1614

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....) 2012-13. 2. The Learned Senior Departmental Representative (Ld. Sr-DR) for the Revenue submits that there is mistake apparent in the order dated 04.09.2023, which require rectification. The assessment in case of assessee was completed on 24.12.2019 in accepting returned income. However, while passing assessment order, it was noted by Assessing Officer (AO) that business turnover of assessee was at Rs. 8.53 Crore being more than threshold limit for obtaining audit report and the assessee was required to obtain audit report under section 44AB of the Income Tax Act. The Assessing officer initiated penalty under section 271B of the Act and levied penalty of Rs. 1,50,000/- vide order dated 09.08.2021. The Assessing Officer levied minimum....

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....r is clearly barred by limitation and it was held so while passing the order by this Tribunal. On the contention of ld. Sr-DR of revenue about the plea of CBDT's notification No. 74/2021 dated 25.06.2021, that time limit for passing the order was extended up to 30.09.2021, the Ld. AR of the assessee submits that said notification is in relation to matter which was getting time barred on 30.06.2021 wherein time period was extended up to 30.09.2021 whereas the time limit in case of assessee for passing order expired on 30.06.2020. Thus, the benefit of Notification No. 74/2021 dated 25.06.2021 is not available to the revenue. The Ld. AR of the assessee submits that revenue is seeking review of order which is beyond the scope of appli....

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..... ITO (supra), the High Court was considering the issue of limitation period for reopening under section 147, wherein notice under section 148 was issued after 01.04.2021, that and even after the decision of Hon'ble Apex Court in Union of India Vs Ashish Agarwal (2022) 138 taxmann.com 64 (SC). In Gujarat Urban Co-Operative Bank Federation vs. Union of India (supra) the said petitioner challenged the CBDT Circular which was in derogation of exemption allowed under clause (v) of section 194A(3). The High Courts are vested with extra ordinary jurisdiction in examining such virus in the statues or circulars. 6. Now turning to the specific facts of the case in hand, we find that AO passed assessment order on 24.12.2019 and initiated penalty und....