2026 (1) TMI 308

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....passed under Section 148A(d), and the Notice issued under Section 148, both dated 23rd April 2022 (Exhibit C and D); (ii) the reassessment order dated 11th March 2024 passed under Section 147 read with Section 144 read with Section 144B of the Act; (iii) the notice of demand of even date under Section 156 of the Act for the Assessment Year ('A.Y.') 2015-16 (Exhibit F1 and F2); as well as the consequential penalty orders and notices of demand thereof. 3. At the outset, it has been fairly stated by Mr. Jain, that the Petitioner herein has filed an Appeal against the reassessment order passed, which is still pending. Further, he stated that notices for recovery of demand have been issued and the Petitioner has been threatened with coercive ....

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....s Petition should not be entertained, and be dismissed. 6. We have heard the learned counsel for the parties. It is not in dispute that the present petition relates to A.Y.2015-16. Further, it is also undisputed that the notice under Section 148 has been issued on 23rd April 2022 which is at page 109 of the paper book. Once these are the facts, paragraphs 19 (e) and (f) of the judgment of the Hon'ble Supreme Court in the case of Rajeev Bansal (supra) become relevant. They read as under:- "19. Mr. N Venkataraman, learned Additional Solicitor General of India, made the following submissions on behalf of the Revenue:- a. ... e. The Finance Act 2021 substituted the old regime for reassessment with a new regime. The....

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....opped. In the present case, the Notice under Section 148 is dated 23rd April 2022 and therefore, has to be dropped. 8. The decision in Rajeev Bansal (supra) has been subsequently followed by the Hon'ble Supreme Court in Deepak Steel and Power Ltd. (supra). Paragraphs 4 and 5 of the said order is reproduced hereunder:- 4. The learned counsel appearing for the revenue with his usual fairness invited the attention of this Court to a three judge bench decision of this Court in Union of India and Ors. v. Rajeev Bansal, reported in 2024 SCC OnLine SC 2693, more particularly, paragraph 19(1) which reads thus:- "19. (f) The Revenue concedes that for the Assessment Year 2015-2016, all notices issued on or after April 1, 2021 wil....

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....ice under Section 148 was issued after 1st April 2021, the same was required to be set aside in light of the concession made by the Revenue before the Hon'ble Supreme Court in the case of Rajeev Bansal (supra). 11. In light of the above discussion, we find merit in the submissions as canvassed by the Petitioner. The Revenue has categorically made a concession that for A.Y.2015-16 they would drop all notices issued under Section 148 after 1st April 2021. Once this is the position, it is appropriate that the notice under Section 148 dated 23rd April 2022, and the consequential assessment order, notice of demand, penalty notices/orders as well as the recovery notices be quashed and set aside. It is accordingly so ordered. 12. In light of....