2024 (5) TMI 1629

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....mar For the Petitioners : Mr. D.V. Pathy, Advocate. For the Respondents : Ms. Archana Sinha @ Archana Shahi, Advocate. ORAL JUDGMENT PER: HONOURABLE THE CHIEF JUSTICE The petitioner is before this Court alleging that the present proceeding under Section 148 of the Income Tax Act, 1961 (for brevity, Act) is hit by limitation. 2. Learned Counsel for the petitioner submits that the ....

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....he Assessment Year 2017-18 as Section 148 stood before the amendment. There was a four-year period provided from the last date of the relevant assessment year and the four year period would have expired only on 31.03.2022, while the notice was issued on 30.06.2021. Later to that a notice was issued only as per Annexure P-4 which is dated 26.08.2022. The contention of the Department is also that th....

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....om 01.04.2021 when Section 148 also stood substituted. Section 148A deals with the enquiry and opportunity provided before issuance of notice under Section 148 but under the very same Finance Act, 2021. The limitation period provided under Section 149 was also amended and it was brought down to three years where the escaped assessment is of less than Rs. 50 lakhs. 6. The Hon'ble Supreme Co....

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....f Finance Act, 2021 is applied across the board. It was only in such circumstances that the judgments in appeal before the Hon'ble Supreme Court were modified and substituted, specifically providing for the Assessing Officers who had issued notices post 01.04.2021, without following the procedure under Section 148A to provide the respective assessees information and material relied upon by the Rev....