TaxTMI 
TaxTMI 
2026 (2) TMI 448
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....nt proceedings initiated u/s. 147 of the I.T. Act by issue of notice dated 21.7.2022 u/s. 148 of the I.T. Act is barred by limitation and has been initiated without making compliance of provision of section 149 read with TOLA Act, 2020 therefore, the reassessment proceedings and consequent reassessment order are void ab initio. 2. The reassessment proceedings and consequent reassessment both are invalid and without jurisdiction as the said assessment has been initiated and completed without complying with legal requirements of the provisions of section 147, 148, 148A, 151, 149 of the Act therefore, such assessment is void ab intio and liable to be quashed. 2. At the time of hearing, Ld. AR has submitted with regard to ground rel....
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....ted in a chart found on page 52 in paragraph 19(e) of the Apex Court's judgement. Assessment year (1) Within 3 years (2) Expiry of Limitation read with TOLA for (2) (3) Within Six years (4) Expiry of Limitation read with TOLA for (4) (5) 2013-14 31.03.2017 TOLA not applicable 31.03.2020 30.06.2021 2014-15 31.02.2018 TOLA not applicable 31.03.2021 30.06.2021 2015-16 31.03.2019 TOLA not applicable 31.03.2022 TOLA not applicable 2016-17 31.03.2020 30.06.2021 31.03.2023 TOLA not applicable 2017-18 31.03.2021 30.06.2021 31.03.2024 TOLA not applicable Since TOLA does not apply to the assessment year 2015-16 and the regular time limit for issuing notice un....
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....ely got settled by the Apex Court in the case of UOI vs. Ashish Agarwal reported in 444 ITR 1 (SC) dated 4.5.2022. Thereafter, the AO issued letter u/s. 18A(b) of the Act on 19.5.2022. The assessee filed its reply on 2.6.2022. The AO passed an order u/s. 148A(d) of the Act on 20.7.2022 rejecting the objections of the assessee and proceeded to issue notice u/s. 148 of the act on 21.7.2022. He further submitted that now the short question that arises for consideration of the Bench is as to whether the subsequent notice issued u/s. 148 of the Act on 21.7.2022 is to be treated as time barred or not in the light of decision of Hon'ble Apex Court in the case of UOI vs. Rajeev Bansal reported in 469 ITR 46 (SC). To support his contention, he state....
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....emed notices till the supply of relevant information and material by the assessing officer to the assessee in terms of the direction issued by this court in Ashish Agarwal (Supra) has to be excluded from the computation of the period of limitation. Moreover, the period of two weeks granted to the assessee to reply to the cause notices must be excluded in terms of the third proviso to section 149. 111. The clock started ticking for the Revenue only after it received the response of the assessee to the show cause notices. After the receipt of the reply, the assessing officer had to perform the following responsibilities; (i) consider the reply of the assessee under section 149A(C); (ii) take a decision under section 149A(d) basd on t....
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....tration, the time limit for issuance of a notice under section 148 of the new regime will end on 18 August 2022." Ld. AR has submitted that in view of the observations of the Hon'ble Supreme Court in the case of Rajeev Bansal (supra), the notice u/s. 148 is to be treated as barred by limitation and consequently the reassessment proceedings would be liable to be quashed as void ab initio. 8. The Ld. DR relied upon the orders of the lower authorities. 9. We have heard the revival contentions of the parties and gone through the material available on record. In view of the aforesaid discussions, we find force in the contention of the Ld. AR that TOLA does not apply to the assessment year and the regular limit for issuing notice u/s. 14....