TaxTMI 
TaxTMI 
TaxTMI 
2024 (4) TMI 1307
X X X X Extracts X X X X
X X X X Extracts X X X X
....dments are deemed to have been incorporated. 4. Challenge has been raised to the reassessment proceedings initiated against the petitioner under Section 147 read with Section 148 of the Income Tax Act, 1961 (hereinafter referred to as the 'Act'). In that context, further challenge has been raised to the order dated 6.3.2024 passed by the Assessing Authority under Section 148A(d) of the Act. 5. Primarily, learned counsel for the petitioner has submitted, there is no relevant material as may give rise to the reassessment proceedings initiated against the petitioner. The entire material referred to and relied upon by the Assessing Authority came to the hands of the revenue authorities, in the course of the search proceedings against ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....t the statutory minimum seven days required to be granted, by virtue of provisions under Section 148A(b) of the Act. 6. On the other hand, learned counsel for the revenue would submit, the correctness of the information received by the revenue is not justiciable. Insofar as the information received may remain relevant to the subjective opinion of the Assessing Authority as to the escapement of income at the hands of the petitioner, no further or deeper scrutiny of the information is warranted at this stage. Second, it has been submitted, there is no doubt to the recovery of hard-drive/storage device from the person searched namely M/s Omaxe Limited. There is also no doubt as to the fact that information was retrieved from that drive indica....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... and perused the record, in the first place, we may note, by virtue of amendments made to the Act by Finance Act, 2021, it is no longer a requirement in law that the Assessing Authority may first record a "reason to believe" that any income had escaped assessment at the hands of the assessee before he may initiate reassessment proceedings against such an assessee for any assessment year. That restraint and statutory limitation placed to the power to reassess any assessee has been lifted. 8. Under the amended law, under Section 147 of the Act, the Assessing Officer may, subject to the provisions of Section 148 - 153 of the Act, reassess an assessee where income has escaped assessment for any assessment year. Under Section 148A (d) of the Ac....
X X X X Extracts X X X X
X X X X Extracts X X X X
....M/s Omaxe Limited. There is also no doubt that the said entries have been found recorded against the name of the petitioner as the depositer. Seen in that light, besides denying the transaction in entirety, it is not the case of the petitioner that he had paid Rs. 8,53,312/- only. At present, there is no evidence to lead us to that conclusion. At the same time, the petitioner has not denied (either before the Assessing Authority or this Court) his ownership or rights or interest in the two properties noted above. 13. On an analysis done by the revenue authorities, they have formed an opinion that the entries found recorded in the electronic books of accounts as M/s Omaxe Limited are coded. Both with respect to date and quantum, there are d....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... petitioner or his income may have been examined. 16. As to the objection based on Section 148(1)(a) of the Act, we find no credible material to limit the period of limitation to reassess the petitioner to three years. In view of what has been noted, at present, without prejudice to the rights of the petitioners to raise such objections in the reassessment proceedings and leaving it open to the Assessing Authority to deal with the objection, if raised, on its own merits, prima facie, the quantum of escapement noted by revenue authorities exceeds Rs. 8 crores. Therefore, the period of limitation would be governed by Section 149(1)(b) of the Act. Thus, the limitation of reassessment proceedings for the A.Y. 2017-18 in the case of the petitio....