TaxTMI 
TaxTMI 
2026 (2) TMI 986
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....sed assessment order dated 24-05- 2023 of the Assessing Officer for A.Y. 2014-15 under the section 147 r.w.sc144B of the Income Tax Act, 1961(In short "the Act"). The assessee also filed the cross objection in the appeal. 2. The revenue following grounds in appeal: 1.Whether the Ld.CIT(A) has erred in the facts and in law in not appreciating the fact that addition were made by the AO on the basis of credible information received from the Investigation Wing that the assessee has availed accommodation entry of Rs. 11,23,42,220/- in the form of bogus sales to Sh. Mohan Kumar Aggarwal & Sons (HUF) prop Nandan Dairy Products. 2. Whether the Ld.CIT(A) has erred in the facts and in law by ignoring the fact the Nandan Dairy Pro....
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....the appeal. 3. The brief facts of the case are that the assessee filed his return of income for A.Y. 2014-15 on 30-09-2014 by declaring total income of Rs. 81,60,50,600/-. The case was assessed u/s 143(3) of the Act for the year under consideration vide order dated 13-10-2016 at income of Rs. 82,66,39,306/-. Therefore the case was re-assessed u/s 147 /143(3) on 31-12-2019 at income Rs. 83,67,64,121/-. The assessee company was a beneficiary of the entry provide group run by Shri Mohan Kumar Agarwal Karta Mohan Kumar Agarwal & Sons (HUF) of Rs. 11,23,42,220/-. The proceedings u/s 147 of the Act was initiated in the case of the assessee for A.Y. 2014-15 and notice u/s 148 of the Act was served on the assessee. The Assessing Officer complete....
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....ice issued under section 148 both dt. 27-07-2022 were invalid and bad in law being time barred as per the provisions of section 149 of the Act as laid down by the Hon'ble Supreme Court in the case of Union of India vs. Rajeev Bansal [2024] 469 ITR 46 SC. Accordingly the impugned assessment order is liable to be quashed. (ii) Because the order appealed against (filed by revenue) to the extent mentioned above is contrary to law and facts of the case. 7. The assessee has moved an application to condone the delay in filing the cross objection. The assessee stated that the assessee has received the papers of the appeal on 14-08-2025 then in the month of, November the assessee company approached the CA to file the cross objections bef....
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.... the notice u/s 148 of the Act was issued on 27-07-2022 which is beyond time. Reliance has placed on the decisions of Union of India & Ors Vs. Rajeev Bansal 2024 (10) TMI 264 Supreme Court (LB) in this Case the Hon'ble Supreme Court held as under: "110. The effect of the creation of the legal fiction in Ashish Agarwal (Supra) was that it stopped the clock of limitation with effect from the date of issuance of section 148 notices under the old regime {Which is also the date of issuance of the deemed notices}. As discussed in the preceding segment of the judgment, the period from the date of the issuance of the deemed notices till the supply of relevant information and material by the assessing officer to the assessee in terms of the....
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....nt assessment year. Because of the legal fiction, the deemed show cause, notice will also come into effect from 1 May 2021. After accounting for all the exclusions, the assessing officer will have sixty -one days [days between 1 May 2021 and 30 June 2021] to issue a notice under section 148 of the new regime. This time starts ticking for the assessing officer after receiving the response of the assessee. In this instance, if the assessee submits the response on 18 June 2022, the assessing officer will have sixty-One days from 18 June 202 to issue a reassessment notice under section 148 of the new regime. Thus, in this illustration, the time limit for issuance of a notice under section 148 of the new regime will end on 18 August 2022." 10....