TaxTMI 
TaxTMI 
TaxTMI 
2025 (11) TMI 40
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....the business of food processing during the year under consideration. Assessee filed its return of income for AY 2011-12 declaring total income of Rs. 5,92,857/- on 30.11.2011. The case of the assessee was processed under section 143(1) of the Income-tax Act, 1961 (for short 'the Act'). Subsequently, information received from Pr. CCIT, Delhi vide letter dated 27.03.2018 intimating that the Investigation Wing of the Department conducted a search on the residential premises of Surendra Kumar Jain on 14.09.2010 thereby it was found that assessee has taken accommodation entry of Rs. 30,00,000/- from Surendra Kumar Jain, Director of M/s. RKG Finvest Pvt. Ltd.. Based on the above information, the AO recorded reasons for reopening of the assessment. The same is placed at page 201 of the paper book. 5. At the time of hearing, ld. AR of the assessee brought to our notice above reasons recorded for issuing notice u/s 148 of the Act and subsequently assessee filed objections against the above reasons recorded by the AO and further he brought to our notice page 3 of the assessment order wherein AO himself records as, "it is pertaining to mention here that there was a typographical mistake at....
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....ve made additions with respect to Twinkle Mercantile Pvt. Ltd, Shalini Holding Pvt. Ltd., Lakshya Viniyog and share application money. Accordingly, he submitted that since the addition made pertains to entirely different parties and facts, it cannot be sustained. He further submitted that even otherwise, no addition is warranted on merits as the alleged receipts from Twinkle Pvt. Ltd. and Shalini Pvt. Ltd. were business advances and not loan and the assessee produced confirmations, bank statements, and correspondence evidencing that these advances were received for a proposed business arrangement that did not fructify and were returned in the same financial year, leaving no balance outstanding as on 31.03.2011.Therefore, no income accrued or arose, nor any unexplained credit existed within the meaning of Section 68. This factual position is duly substantiated from the audited financials and reconciliation statements forming part of the Paper Book filed before the ITAT. 8. On the other hand, ld. DR of the Revenue relied on the findings of the lower authorities. 9. Considered the rival submissions and material placed on record. We observe that the case of the assessee was reope....
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....Bansal (2024) SSC Online SC 2693 wherein the Revenue conceded that for AY 2015-16, all 148 notice which is on or after 1st April 2021 will have to be dropped as they will not fall for completion during the period prescribed under the Taxation and other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020. He placed on record relevant decision of Hon'ble Supreme Court and he brought to our notice relevant findings of Hon'ble Supreme Court as under :- "(e) The Finance Act, 2021 ((2021) 432 ITR (Stat) 52) substituted the old regime for reassessment with a new regime. The first proviso to section 149 does not expressly bar the application of Taxation and other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020. Section 3 of the Taxation and other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 applies to the entire Income-tax Act, including sections 149 and 151 of the new regime. Once the first proviso to section 149(1)(b) is read with Taxation and other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020, then all the notices issued between April 1, 2021 and June 30, 2021 pertaining to the assessment years 2013-2014, 2014-20....
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....sing from a similar decision rendered by the Hon'ble Rajasthan High Court in DBCWP No.14414/2022 and the. The said order is set out below :- "Delay condoned. Having regard to the concession made by the petitioner-Department in the case of Union of India vs. Rajeev Bansal, Civil Appeal no.8629 of 2024 on 03.10.2024 (2024 SCC ONLINE 754), this Special Leave Petition would not survive for further consideration. Hence, the Special Leave Petition is dismissed. Pending application(s), if any, shall stand disposed of." 15. Further he placed reliance on various judgements rendered by Hon'ble High Courts and Tribunal as stated below: a. Pratishtha Garg v. ACIT, Central Circle 25 Delhi (Delhi High Court) at Page Nos. 4-6of the case law compilation. b. Income Tax Officer, Ward-62(1), New Delhi v. Girish Kumar Gupta (ITATDelhi) at Page Nos. 80-89of the case law compilation. c. Assistant Commissioner of Income Tax Circle 19 (1) & Ors. V Nehal Ashit Shah (Supreme Court) at Page Nos. 19-21of the case law compilation. 16. On the other hand, ld. DR of the Revenue relied on the AO's report. 17. Considered the rival submissions and material placed....
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....section 148A will be Principal Chief Commissioner or Principal Director General or where there is no Principal Chief Commissioner or Principal Director General, Chief Commissioner or Director General, if more than three years have elapsed from the end of the relevant assessment year. For the sake of clarity, section 151 of the Act is reproduced below: "151. Specified authority for the purposes of section 148 and section 148A shall be,- (i) Principal Commissioner or Principal Director or Commissioner or Director, if three years or less than three years have elapsed from the end of the relevant assessment year; (ii) Principal Chief Commissioner or Principal Director General or where there is no Principal Chief Commissioner or Principal Director General, Chief Commissioner or Director General, if more than three years have elapsed from the end of the relevant assessment year." 22. Further we observe that since more than 3 years have elapsed while issuing notice for the year under consideration, i.e., AY 2016-17, hence, the alleged approval has to be obtained from PCCIT or PDGIT, and if there is no PCCIT or PDGIT, then from CCIT or DGIT under the provision....