2026 (6) TMI 420

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....e-tax Act, 1961, (in short 'the Act'). 2. The assessee has raised the following grounds in appeal: 1. On the facts and circumstances of the case and in law, the Ld. CIT(A) erred in upholding the initiation of reassessment proceedings by wrongly relying upon the decision of the Hon'ble Apex court in the case of Rajeev Bansal v. UOI whereas per this decision of apex court itself and reassessment proceedings initiated was liable to be quashed. 2. On the facts and circumstances of the case and law, the notice u/s 148isued in this case is bad-in-law, without jurisdiction and barred by limitation and, therefore the said notice u/s 148 along with assessment order passed on the foundation of such notice are liable to be quashed....

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....ee is to be disallowed and should be brought to tax. A notice u/s 148A(b) of the Act dated 20-05-2022 was issued to the assessee. Order dated 14-07-2022 u/s 148A(d) of the Act was passed and the notice u/s 148 of the Act dated 15- 07-2022 was issued. In the compliance of the notice the assessee filed the return of income on 03-08-2022. The Assessing Officer completed the assessment after making the additions of Rs. 80,76.000/- under section 68 of the Act and assessed the total income at Rs. 1,02,40,850/-. 4. Aggrieved by the order of the AO the assessee filed the appeal before the Ld. NFAC, who vide his order dated 12- 12-2025 dismissed the appeal. Being aggrieved by the order of the Ld. NFAC, the assessee is in appeal before the Tribuna....

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.... find that section 148 of the Act was substituted by the Finance Act, 2021 wet. 01.04.2021. Notice 14 of the Act as per the old provisions of section 148 of the Act applicable till 31.03.2021 should have been issued only upto 31.03.2021. The issue stands settled by the Hon'ble Supreme Court in Union of India vs Ashish Agarwal, 444 ITR 1 (SC) The assessee company was part of the litigations. The AO has issued notice u/s 148A(b) on 27.05.2022 and on 28.07.2021 order was passed u/s 148A(d) and issued notice is 148 of the Act on the same date, i.e, on 28.07.2022 in AY 2016-17 and while in AY 2017-18 on 27.07.2022 order was passed u/s 148A(d) and issued notice w/s 148 of the Act on 28.07.2022. This notice dated 28.07.2022 u/s 148 of the Act,....