2025 (9) TMI 1187

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....). 2. The assessee has raised the legal grounds no.1 in appeal that the reassessment proceedings are barred by limitation. This goes to root the matter and hence, is taken up first for adjudication. 3. The brief facts of the case are that the assessee is an individual and filed return of income declaring at Rs. 4,22,080/- on 29-07-2016 u/s 139(1) of the act. The information received from INSIGHT portal by Investigation wing under high risk parameter that assessee has received long term capital gain relating to the sale of shares which has been found fictitious. It was found that income of Rs. 63,36,843/- chargeable to tax for A.Y.2016-17 had escaped assessment. In the view of this proceedings u/s 147 of the Act were initiated and the ....

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....t under the un amended Act notice was issued on 29-06-2021 to the assessee. The section 148 0f the Act has been substituted by finance Act,2021 w.e.f. 01-04-2021 wherein notice u/s 148 of the Act as per old provisions of section 148 of the Act applicable up to 31-03-2021 could have not been issued after 31-03- 2021. In consequence to the directions issued by the Hon'ble Supreme court in the case of Union of India vs. Ashish Agarwal dated 04-05- 2022 the Assessing Officer issued the fresh notice u/s 148 of the Act on 22-05-2022. In the present case the notice u/s 148A(b) of the Act was issued on 22-05-2022 and assessee filed the reply on 06-06-2022. The AO passed an order u/s 148A(d) of the Act on 21-07-2022 rejecting the objection of the as....

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....t was a fit case for reassessment. Once the clock started ticking, the assessing officer was see State of AP v. AP Pensioners Association, (2005) 13 SCC 161 [28]. [This court observed that the "legal fiction undoubtedly is to be construed in such a manner so as to enable a person, for whose benefit such legal fiction has been created, to obtain all consequences flowing there form."] PART F required to complete these procedures within the surviving time limit. The surviving time limit, as prescribed under the Income Tax Act read with TOLA, was available to the assessing officers to issue the reassessment notices under section 148 of the new regime. 112. Let us take the instance of a notice issued on 1 May 2021 under the old....