2025 (9) TMI 785

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e validity of the assessment order dated 26.05.2023 passed under Section (u/s.) 147 r.w.s. 144B of the Income Tax Act, 1961 (in short the 'Act'). 3. We have heard the parties and perused the materials on record. It is the say of the assessee that the impugned assessment order is barred by limitation as the Assessing Officer (AO) had no power to reopen the assessment u/s. 147 of the Act after expiry of six years from the end of the relevant assessment year i.e. A.Y. 2015- 16. In support of such contention, learned counsel relied upon the following decisions: - 1. Union of India vs. Rajeev Bansal [2024] 167 taxmann.com 70 (SC). 2. Income Tax Officer vs. Warasgaon Lake View Hotels Ltd., ITA No. 2788/Mum/2025 dated 20.06.20....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ears from the end of the relevant assessment year as per the new regime of Section 147 of the Act. 7. In our view, the issue is no more res integra in view of the ratio laid down by the Hon'ble Supreme Court in case of Union of India vs. Rajeev Bansal (supra). While dealing with identical issue as is under consideration now before us, the Hon'ble Supreme Court has held as under:- "18. The present batch of appeals gives rise to the following issues: a. Whether TOLA and notifications issued under it will also apply to reassessment notices issued after 1 April 2021; and b. Whether the reassessment notices issued under Section 148 of the new regime between July and September 2022 are valid. C. Submissions ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ar the application of TOLA. Section 3 of TOLA applies to the entire Income Tax Act, PART C 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 2013-2014, 2014- 2015, 2015-2016, 2016-2017, and 2017-2018 will be within the period of limitation as explained in the tabulation below: Assessment Year Within 3 years Expiry of Limitation read with TOLA for (2) Within six years Expiry of Limitation read with TOLA for (4) (1) (2) (3) (4) (5) 2013-2014 31.03.2017 TOLA not applicable 31.03.2020 30.06.2021 2014-2015 31.03.2018 TOLA not applicabl....