TaxTMI 
TaxTMI 
2026 (5) TMI 257
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....of the assessee as time barred by 115 days. The Ld. AR has filed a petition supported with an affidavit to condone the delay. Going over the condonation petition filed by the assessee, we find that ground for delay seems to be genuine. Accordingly, delay hereby condoned and matter is taken for hearing. 2. The brief facts of the case of the assessee is that assessee is a nonbanking financial company filed return of income for the assessment year 2016-17 declaring total income of Rs. 1,19,21,172/-. The Ld. Assessing Officer initiated the re-opening under Section 147 of the Act and issued notice under Section 148 on 30.06.2021 later on in pursuance to the Hon'ble Supreme Court decision in the case of Ashish Agarwal show cause notice wa....
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.... and the time for issuance of notice in the light of the direction of the Hon'ble Apex Court. As it reveals from the tabular chart that notice U/s 148 issued under old law i.e. on the last stage 30.08.2021, so the surviving period was 240. Notice providing material in pursuance to the Hon'ble Supreme Court was 24.05.2022 and reply filed by the assess on 06.06.2022 and not extension sought by the assessee. Extended time to be given as per four proviso to Section 4(1) is seven days so in this way time limit to issue notice U/s 148 as per Section 149 was 14.06.2022, but in the present case notice issued U/s 148 and order passed on 31.07.2022. So it is time barred. 5. We have also gone through a judgment passed by the Communist party of I....
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....er 31.03.2021 without following the procedure as prescribed under Section 148A of the Act. Some of the other High Courts also took a similar view and struck down notices that were issued under Section 148 of the Act after 31.03.2021 but under the unamended provisions relating to the re-assessment of income that had escaped assessment. 4. The Revenue appealed the decisions rendered by various High Courts to the Supreme Court of India. In Union of India v. Ashish Agarwal: 2022 SCC OnLine SC 543 - which was one of such appeals arising from the decision of the Allahabad High Court - the Supreme Court delivered its decision on 04.05.2022, whereby it concurred with the view that the amended provisions which came into force after 31.03.20....
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....ow State Bank of India), Kozhikode. The petitioner explained that, although the said bank account had inadvertently not been mentioned in column 13(b) of the return of income, the transactions reflected therein were duly accounted for while preparing the books of account of the petitioner. It was further submitted that the income arising from such transactions was appropriately considered at the time of filing the return of income. 7. The learned AO was not persuaded with the explanation provided by the petitioner and passed an order dated 29.07.2022 under Section 148A(d) of the Act, holding that it was a fit case for reopening the assessment proceedings under Section 147/148 of the Act. The said order was issued with the approval ....
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....sued without the approval of the authority specified under Section 151 of the Act. Since the impugned notice was issued beyond the period of three years from the end of the relevant assessment year, thus, in terms of Section 151(ii) of the Act, the same was required to be approved by the Principal Chief Commissioner or Principal Director General or where there is no such authority, by Chief Commissioner or Director General. The determination of the specified authority for grant of approval under Section 151 of the Act depends on whether the notice under Section 148 of the Act has been issued after the expiry of three years from the end of the relevant assessment year or within the said period. 6. Since, we have already decided the limita....
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.... under section 148A(b) of New Law amended by Finance Act, 2021 and directing that material/information be given in 30 days from date of said order and assessee shall reply within two weeks thereafter. Notice providing material in pursuance of Hon'ble Supreme Court Order in Ashish Agarwal's case. 24.05.2022 Time limit to file reply (two weeks) 07.06.2022 Reply filed by the assessee 06.06.2022 (No extension sought by assessee) Time excluded as per third proviso to section 149(1) as per 30.06.2021 TO Supreme Court decision in Rajeev Bansal's case i.e. from the date of original 148 notice which was deemed as show cause notice under section 148A(b) by the decision of Ashish Agarwal till the supply of the material and ....