TaxTMI 
TaxTMI 
2025 (10) TMI 1351
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....ng the assessment u/s 147 of the Income Tax Act, 1961 without satisfying the mandatory jurisdictional conditions and without bringing on record any fresh tangible material directly pertaining to the appellant. 2. Invalid Reliance on Third-Party Search The reassessment proceedings are based solely on alleged information gathered during search actions on third parties, without furnishing the underlying material to the appellant or providing any opportunity to cross-examine concerned persons, which is in gross violation of the principles of natural justice. 3. Erroneous Addition u/s 69A The AO erred in treating 10,71,28,000/- as unexplained under section 69A, despite the fact that the appellant had received ....
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....the CIT(A) are non-speaking and lack independent reasoning. The CIT(A) merely affirmed the findings of the AO without application of mind or appreciation of facts and evidence. 10. General Relief The appellant craves leave to add, amend, modify, or withdraw any of the above grounds at or before the time of hearing." Brief facts of the case leading to the legal issues are as under: 2. An information has received from A search and seizure operation u/s 132 of Income tax Act, 1961 was conducted on 06.02.2020 in the case of Prathima Group and R K Group Hyderabad and Pune based entities. During the search operation, premises M/s Meher Power India Pvt Ltd and M/s Nyles Sales Agencies Pvt Ltd were also covered. Directors of....
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....67 taxmann.com 70, in support of the contention: "19. Mr. N Venkataraman, learned Additional Solicitor General of India, made the following submissions on behalf of the Revenue: a. Parliament enacted TOLA as a free-standing legislation to provide relief and relaxation to both the assesses and the Revenue during the time of COVID- 19. TOLA seeks to relax actions and proceedings that could not be completed or complied with within the original time limits specified under the Income-tax Act; b. Section 149 of the new regime provides three crucial benefits to the assesses: (i) the four-year time limit for all situations has been reduced to three years; (ii) the first proviso to Section 149 ensures tha....
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....30-6-2021 2014-2015 31-3-2018 TOLA not applicable 31-3-2021 30-6-2021 2015-2016 31-3-2019 TOLA not applicable 31-3-2022 TOLA not applicable 2016-2017 31-3-2020 30-6-2021 31-3-2023 TOLA not applicable 2017-2018 31-3-2021 30-6-2021 31-3-2024 TOLA not applicable f. The Revenue concedes that for the assessment year 2015-16, all notices issued on or after 1 April 2021 will have to be dropped as they will not fall for completion during the period prescribed under TOLA; g. Section 2 of TOLA defines "specified Act" to mean and include the Income-tax Act. The new regime, which came into effect on 1 April 2021, is now part of the Income-tax Act. Therefore, TOLA continues to....
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....e; and (ii) the time limit for issuance of notice as extended by TOLA and. its notifications. The Revenue cannot extend the operation of the old law under TOLA, but it can certainly benefit from the extended time limit for completion of actions falling for. completion between 20 March 2020 and 31 March 2021. 69. For instance, Section 149(1)(a) of the new regime specified the time limit of three years from the end of the relevant assessment year for reopening of the assessment. For assessment year 2017-2018, the three year period expired on 31 March 2021. The expiry of time fell within the time period contemplated by Section 3 of TOLA read with its notifications. Resultantly, the Revenue had time until 30 June 2021 to issue....
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....d have granted sanction till 30th June 2021. On perusal of the order, dated 30/07/2022, passed under Section 148A(d) of the Act we find that the aforesaid order was passed after taking approval from Principal Commissioner of Income Tax. Since the aforesaid order was passed after the expiry of 3 years from the end of the Assessment Year 20172018, as per the new regime, the authority specified under Section 151(ii) of the Act (i.e. Principal Chief Commissioner or Chief Commissioner) was required to grant approval. Even the notice, dated 30/07/2022, under Section 148 of the Act of the new regime was issued after obtaining the prior approval of the Principal Commissioner of Income Tax. Accordingly, we conclude that in the present case the appro....