2026 (1) TMI 620

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....nafter referred as the Act) vide order dated 25.5.2023. 2. At the outset, Ld. Counsel for the assessee first of all argued the issue of limitation raised vide Ground No. 1 which reads as under:- "That under the facts and circumstances, notice u/s 148 dated 26.7.2022 is barred by limitation, as the limitation for issuing notice u/s. 148 for AY 2015-16 stood ended on 31.3.2022, more so, since, under the facts, AY 15-16 was not covered by TOLA as the normal limitation period was to expire on 31.3.02 and not on 30.6.21 and also being bared by limitation as Revenue conceded before Hon'ble Supreme Court in case of Rajeev Bansal that all notices issued for AY 2015-16 have to be dropped." 3. Ld. Counsel for the assessee stated that t....

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.... AY 2015-16 could have been issued after 31.3.2022, however, since the impugned notice issued u/s. 148 was issued on 26.7.2022, hence, it is barred by limitation. Ld. Counsel for the assessee cited the relevant extract of the judgment in the case of UOI vs. Rajeev Bansal, which reads as under:- "19.Mr. N. Venkataraman, learned Additional Solicitor General of India, made the following submissions on behalf of the Revenue: a. b. c. d............ e. The Finance Act 2021 substituted the old regime for reassessment with a new regime. The first proviso to Sec. 149 does not expressly bar the application of TOLA. Section 3 of TOLA applies to the entire Income Tax Act, including Sections 149 and 151 of the new regime. Once....