AI Drafter 
TaxTMI 
TaxTMI 
2026 (5) TMI 114
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....48 Notice also dated 31.03.2022. 3. The Petitioner had earlier filed a Return of Income under Section 139(1) of the Income Tax Act, 1961 on 29.03.2019. In the said Return of Income, the Petitioner had declared a taxable income of Rs. 30,09,400/-. Pursuant to the Notice dated 31.03.2022 issued under Section 148 of the Income Tax Act, 1961, the Petitioner filed a fresh Return of Income on 25.04.2022 whereby the Petitioner reiterated the declaration in the Return of Income filed under Section 139(1) of the Income Tax Act, 1961 on 29.03.2019. 4. Subsequently, the assessment was transferred to the Faceless Unit. Thus, Notices were issued to the Petitioner under Section 142(1) and Section 143(2) of the Income Tax Act, 1961 by the 1st respondent. The contention of the Petitioner is that all the communications were addressed to the Petitioner's email ID namely [email protected], which the Petitioner had long ceased to operate. 5. It is further case of the Petitioner that subsequent to Section 148 Notice dated 31.03.2022, Return of Income was filed from the Petitioner's new email ID namely, [email protected] and the Petitioner failed to check the Notices as they were posted in....
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....ring the period. 13. I have considered the arguments advanced by the learned counsel for the Petitioner and the learned Senior Standing Counsel for the Respondents. 14. The Petitioner was issued with Section 148A(b) Notice on 21.03.2022 which is ultimately culminated in an Order dated 31.03.2022 under Section 148A(d) of the Income Tax Act, 1961 and Section 148 Notice also dated 31.03.2022. 15. With effect from 01.04.2021, a new set of provisions have been incorporated for the purpose of Assessment, Reassessment particularly in the case of income escaping assessment. 16. Section 153A, Section 153B and Section 153C of the Income Tax Act, 1961 have also been amended vide Finance Act, 2021 with effect from 01.04.2021. 17. Text of relevant portion of Section 153A(1) of the Income Tax Act, 1961 and Section 153C(3) of the Income Tax Act, 1961 as amended vide Finance Act, 2021 with effect from 01.04.2021 is reproduced below for the sake of clarity:- 153A. Assessment in case of search or requisition:- 153C. Assessment of income of any other person:- (1) Notwithstanding anything contained in Section 139, Section 147, Section 148, Section 149, Section 151 and Section 1....
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....may be, apply accordingly as if such return were a return were one required to be furnished under Section 139. The Assessing Officer may also assess or reassess the total income of six assessment years immediately preceding the assessment year relevant to the previous year in which such search is conducted or requisition is made, as well as for the relevant assessment year or years. 20. Under Section 153A(1) of the Income Tax Act, 1961, as in force with effect from 01.04.2021, an Assessing Officer shall first:- i. issue a notice to a searched person, to furnish a return of income in respect of each assessment year falling within six assessment years and for the relevant assessment year or years referred to in Clause (b) within such period, as may be specified in the said notice. ii. Such Return of Income shall be in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed. iii. The provisions of the Act shall, so far as may be, apply accordingly, as if such return were a return required to be furnished under Section 139. 21. In other words, return filed pursuant to such Notice shall be d....
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....dian Evidence Act, 1872) that the search has taken place after the 1st day of April 2021 and therefore proceedings are in accordance with law. Illustration (e) to Section 119 of the Bharatiya Sakshya Adhiniyam, 2023 reads as under:- "119. Court may presume existence of certain facts.- (1) The Court may presume the existence of any fact which it thinks likely to have happened, regard being had to the common course of natural events, human conduct and public and private business, in their relation to the facts of the particular case. Illustrations. The Court may presume that- (a) .... (b) .... (c) .... (d) .... (e) judicial and official acts have been regularly performed. ................" 28. Thus, proceedings initiated under Section 148 of the Income Tax Act, 1961 is to be held strictly in accordance with law. 29. Further, as per Section 148A(d) of the Income Tax Act, 1961 as amended with effect from 01.04.2021, the Assessing Officer is required to decide, on the basis of material available on record including Reply of the Assessee furnished under Section 148A(c) of the Act as to whether....
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....ceived by the Assessee. 32. In this case, the dispute pertains to the Assessment Year 2018- 2019. Based on the information gathered during the course of search held at the premises of M/s.G Square and M/s.Saravana Stores Bramandamai, it was inferred that the amount that had escaped assessment in the hands of the Petitioner is above Rs. 50,00,000/- as is evident from a reading of Section 148A(b) Notice dated 21.03.2022 and Section 148A(d) Order dated 31.03.2022 passed under the Income Tax Act, 1961. 33. Since the amount which has allegedly escaped assessment is more than Rs. 1 Crore i.e. Rs. 4,87,50,000/-, pursuant to the sale of the property to the said M/s.G Square and M/s.Saravana Stores Bramandamai, the limitation for issuance of Section 148 Notice cannot be said to have expired under the old regime as Section 148 Notice itself was issued on 31.03.2022. 34. The limitation under the old regime and the new regime are as under:- Assessment Year 2018-2019 (Last date 31.03.2019) Old Regime till 31.03.2021 4 Years 6 Years 31.03.2023 21.03.2025 New Regime with effect from 3 Years 10 Years 01.04.2021 31.03.2022 31.03.2029 35. The only emba....