TaxTMI 
TaxTMI 
2025 (12) TMI 1758
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.... u/s. 148A(d) and also issuing the notice u/s. 148 without appreciating that he was not having the jurisdiction for the same in view of Section 151A and the notification issued thereunder notifying e-Assessment of Income Escaping Assessment Scheme, 2022 and, thereby, rendering the said order and the notice as well as the entire assessment proceeding as null and void. 3. On the facts and circumstances of the case and in law, the learned Assessing Officer has erred in issuing notice /s 148 dated 29/07/2022 without complying with the requirements of Circular No. 19 of 2019 dated 14th August, 2019 issued by the CBDT. 4. On the facts and circumstances of the case and in law, the CIT (A) has erred in confirming the addition of the unexplained money of Rs. 1,35,28,860 representing the cash deposited by the appellant in his bank account during the demonetization period without appreciating the fact that the appellant was running a petrol pump operated under the authorization of public sector oil marketing company and, thereby, he was permitted to even receive the specified bank notes by virtue of the relevant Notification issued by the RBI in this regard. 5. On t....
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....ted that, relaxation under TOLA is not application to assessee for assessment year 2017-18 as per the categorical submission by Ld.ASG before Hon'ble Supreme Court in case of UOI vs. Rajeev Bansal reported in [2024] 167 taxmann.com 70. The Ld.AR thus submitted that, time limit for issuing notice under new provisions expired on 31/06/2021. He submitted that in present facts, order u/s 148A(d) was passed on 28/07/2022 followed by impugned notice being issued on even date. 3.1. He further submitted that, approval for issuing such notice was taken from Pr. Commissioner-19, Mumbai vide order dated 20/07/2022. The Ld.AR thus submitted that, procedure as enunciated under the new provision of the Act as held by Hon'ble Supreme Court in the case of Union of India v. Rajeev Bansal (supra) which has not been followed in the present facts and therefore, the impugned notice so issued is bad in law. 3.2. On the contrary, the Ld.DR relied on the orders passed by authorities below. We have perused the submissions advanced by both the sides in light of the records placed before us. 4. The Hon'ble Supreme Court in case of Rajeev Bansal (supra) clearly emphasized regarding competent autho....
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....egime is beneficial to the assessee because it specifies a higher level of authority for the grant of sanctions in comparison to the old regime. Therefore, in terms of Ashish Agarwal (supra), after 1 April 2021, the prior approval must be obtained from the appropriate authorities specified under section 151 of the new regime. The effect of Section 151 of the new regime is thus: (i) If income escaping assessment is less than Rupees fifty lakhs: (a) a reassessment notice could be issued within three years after obtaining the prior approval of the Principal Commissioner, or Principal Director or Commissioner or Director; and (b) no notice could be issued after the expiry of three years; and (ii) If income escaping assessment is more than Rupees fifty lakhs: (a) a reassessment notice could be issued within three years after obtaining the prior approval of the Principal Commissioner, or Principal Director or Commissioner or Director; and (b) after three years after obtaining the prior approval of the Principal Chief Commissioner or Principal Director General or Chief Commissioner or Director General. 76. Grant of sanction by the appropriate authority is a prec....
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....quired, with respect to the information which suggests that the income chargeable to tax has escaped assessment; b. Section 148A(b) - to provide an opportunity of hearing to the assessee by serving upon them a show cause notice as to why a notice under section 148 should not be issued based on the information that suggests that income chargeable to tax has escaped assessment. It must be noted that this requirement has been deleted by the Finance Act 2022;^33 c. Section 148A(d) - to pass an order deciding whether or not it is a fit case for issuing a notice under section 148; and d. Section 148 - to issue a reassessment notice. 80. In Ashish Agarwal (supra), this Court directed that Section 148 notices which were challenged before various High Courts "shall be deemed to have been issued under section 148-A of the Income-tax Act as substituted by the Finance Act, 2021 and construed or treated to be show-cause notices in terms of Section 148-A(b)." Further, this Court dispensed with the requirement of conducting any enquiry with the prior approval of the specified authority under section 148A(a). Under Section 148A(b), an assessing officer was requi....