TaxTMI 
TaxTMI 
2026 (5) TMI 320
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....referred against the impugned order dated 10.02.2026 passed in Appeal no. NFAC/2013-14/10265338by the Ld. Commissioner of Income tax (Appeals)/National Faceless Appeal Centre (NFAC), Delhi[hereinafter referred to as the "CIT(A)"] u/s. 250 of the Income-tax Act, 1961 [hereinafter referred to as "Act"] for the Assessment Year A.Y. 2014-15, wherein learned CIT(A) has dismissed assessee's first appeal ex-parte, upholding the addition of Rs. 1,28,65,000/- as income from capital gain, vide assessment order dated 26.05.2023. 3. At the very outset, Ld. Representative for the appellant assessee has submitted that the notices u/s 148 of the Act, have been issued in all the four appeals after 30.06.2021, which are time-barred in accordance with....
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....ation be given in 30 days from date of said order and assessee shall reply within two weeks thereafter. 04.05.2022 Notice providing material in pursuance of Hon'ble Supreme Court Order in Ashish Agarwal's case. 30.05.2022 Time limit to file reply (two weeks) 14.06.2022 Reply filed by the assessee (No extension sought oy assessee) No Reply Filed Time excluded as per third proviso to section 149(1) as per 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 time allowed to the assessee to file the reply 30.06.2021 to 30.06.2021 Time that ....
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.... 31.03.2020 30.06.2021 31.03.2023 TOLA not applicable 2017-2018 31.03.2021 30.06.2021 31.03.2024 TOLA not applicable 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;" 8. Ld. AR has further, referred (i) order dated 27.03.2026 passed by the Kolkata Bench of this Tribunal in ITA No. 2222/Kol/2025 (A.Y. 2016-17), Assam entrade Limited. V. DCIT, Circle 13(1), Kolkata, (ii) Deepak Steel and Power Ltd. V. CBDT, (2025)174 taxmann.com 144 (SC) and (iii) Kum Kum Kohli V. ACIT, (2026) 182 taxmann.cm 344 (Delhi-HC), in which Rajeev Bansal(Supra.) has been re....
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....eming notice u/s. 148 was to be issued under old law on 04.05.2022 as notice u/s. 148 A (b) of the new law amended by the Finance Act, 2021in compliance of order dated 04.05.2022 passed by the Apex Court in Ashish Agarwal (supra).The limitation for notice providing material in pursuance of directions issued in Ashish Agrawal (supra)was 30.05.2022. The time limit to file reply was 14.06.2022 (two weeks). Seven days extended time was to be given as per fourth proviso to section 149(1) of the Act. The time limit to issue notice u/s. 148 as per section 149 as amended by the Finance Act, 2021 as per Rajeev Bansal (supra), was 21.06.2022, however, the notice u/s. 148 was issued on 26.07.2022 beyond the period of limitation. We, accordingly hold t....
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....t, has been declared as invalid, the consequent reassessment proceedings stand quashed. The other grounds raised under appeal are left open. The assessee's appeal is liable to be allowed. ITA No. 167/Agr/2026 (A.Y. 2016-17) 13. This appeal has been preferred against the impugned order dated 10.02.2026 passed in Appeal no. NFAC/2015-16/10265349 by the Ld. Commissioner of Income tax(Appeals)/National Faceless Appeal Centre (NFAC), Delhi, for the Assessment Year A.Y. 2016-17, wherein learned CIT(A) has dismissed assessee's first appeal exparte, upholding the addition of Rs. 9,06,60,400/- as income from capital gain, vide assessment order dated 26.05.2023. 14. The information in respect of the completion and compliance of various a....