TaxTMI 
TaxTMI 
2025 (11) TMI 2008
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....of the case are that the assessee has not filed any return of income for the assessment year 2015-16 on or before the due date provided under Section 139 of the Income Tax Act, 1961. The case of the assessee has been flagged under the High-Risk CRIU/VRU information on the Insight Portal in accordance with the Risk Management Strategy formulated by the CBDT and the case of the assessee falls under the definition of Explanation 1(i) of Section 148 of the Income Tax Act, 1961 (for short "the Act") and becomes effective from 01-04-2021. As per the information available with the Department, the assessee had entered into various banking transactions aggregating Rs. 65,47,000/-. Since the assessee has not furnished any return of income, the A.O. f....
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.... bank account and also the addition of Rs. 1,75,000/- under the head "Income from Other Sources" towards agricultural income reported in the return of income. The Ld. CIT(A), after considering the submissions of the assessee and also taking note of various facts, rejected the explanation of the assessee and sustained the additions made by the A.O. towards cash deposits into the bank account and also assessment of agricultural income under the head "Income from Other Sources." 5. Aggrieved by the order of the Ld. CIT(A), the assessee is now in appeal before the Tribunal. 6. Before us, the learned counsel for the assessee Shri T. Chaitanya Kumar, Advocate, submitted that, the assessment order passed by the A.O. under Section 147 of the ....
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....ground of appeal should be dismissed. 8. We have heard both parties, perused the material available on record, and had gone through the orders of the authorities below. We have also carefully considered the relevant case law relied upon by the learned counsel for the assessee in support of his arguments. Admittedly, the assessment has been reopened under Section 147 of the Act, by issuance of notice under Section 148 of the Act dated 29-04-2022. The A.O. reopened the assessment as per the amended provisions of Section 148A of the Income Tax Act, 1961, after passing the necessary order under Section 148A(d) of the Act. According to the A.O., the income chargeable to tax, represented in the form of asset, which is likely to exceed an amoun....
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....-2022, and the consequent assessment order passed by the A.O. on the basis of invalid notice is liable to be quashed. 9. The assessee has relied upon the decision of the ITAT, Visakhapatnam Bench, in the case of Vaka Ghanta Nageswararao Vs. ITO (supra), wherein, under identical set of facts, the Tribunal, by following the decision of the Hon'ble Supreme Court in the case of Union of India Vs. Rajeev Bansal (supra), quashed the assessment order passed by the A.O. under Section 147 of the Act for the assessment year 2015-16. The relevant findings of the Tribunal are as under : "9. We have heard both the sides and perused the material available on record including the case laws cited by the Ld.AR. It is not in dispute that the date....
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.....Y. 2021-2022 and before. Consequently, notice under section 148 of the Act as per amended provisions cannot be issued for the period beyond six years from the end of the relevant assessment year has expired at the time of issuance of notice. In the instant case, the time limit of six years expires on 31.03.2022 and the notice u/s 148 issued on 07.04.2022 is not valid notice for the re assessment proceedings. From the observations of the Hon'ble Supreme Court and also by the Co-ordinate Bench of the Tribunal, it is clear that for the purpose of checking of the validity of the notices issued under section 148 of the Act under the new regime for the A.Y. 2021-2022 or prior years is whether the period of six years has expired at the time of is....