2026 (3) TMI 1353

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....hort 'the IT Act'), and the consequential Assessment Order dated 4th December 2023 for the A.Y. 2015-16. 3. Brief facts of the case are that a Show Cause Notice under Section 148A(b) of the IT Act was issued on 24th March 2022, alleging that an immovable property acquired by the Petitioner revealed that the income chargeable to tax represented in the form of an asset had escaped assessment. The Petitioner was asked to show cause why a notice under Section 148 should not be issued to him. The Petitioner claims that he was unable to respond to the Show Cause Notice due to oversight. Thereafter, an Order dated 18th April 2022 was passed under Section 148A(d) holding that the Petitioner's case is fit for issuance of notice under Section 148 ....

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....uashed and set aside notwithstanding the fact that the Return of Income filed by the Petitioner in response to the impugned Notice under Section 148 was accepted by the Department. He submits that any recovery of demand and penalty against the Petitioner based on a notice which is invalid would be violative of Article 265 of the Constitution of India. 6. Per contra, Mr. Rattesar, the learned counsel appearing for the Respondents, urged that the return of income filed by the Petitioner against the impugned Notice under Section 148 of the IT Act came to be accepted by the Department and now the Petitioner cannot challenge the validity of the re-assessment at this stage. He also argued that in any case, the Petitioner has belatedly approach....

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....l submissions. It is not in dispute that the Impugned Notice is dated 18th April 2022 and relates to A.Y. 2015-16. It is also not in dispute that the Department has made a concession before the Hon'ble Supreme Court in Rajeev Bansal (supra), which reads as under: "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;" 9. This Court in Mitra Biswas (supra), under similar circumstances, had quashed the impugned Notice issued under Section 148 of the Act and consequential Orders relating to A.Y. 2015-16 in light of Hon'ble Supreme Court's judgment in Rajeev Bansal (supra). 10. ....