TaxTMI 
TaxTMI 
2026 (6) TMI 501
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....delay, post receipt of alleged information from FT& TR reference. 3 The brief facts of the case are that the assessee is a individual. The assessee is a proprietor of M/s Jade Knits having residence at A064 ICON Apartment DLF Phase V. Gurgaon Haryana. The assessee along with other namely Mr. Brijesh Kumar Agarwal and Mr. Harish Kumar were directors of the company M/s Woodstock Universal Ltd. (WUL) located Britsh Virgin Islands and was incorporated on 10-04-2007 and was struck off on 01-11-2014. The company M/s Woodstock Universal Ltd. 18-00 Suntech City Towers Singapore was authorized to issue 50,000 shares of a singles class out of which one share was issued to the assessee by the company on 03-08-2007 having value of USD 1.00. There were certain credits in the bank account of the assessee which was not disclosed in the return of income. Therefore, proceedings of the Act were initiated by issuing the notice u/s 10(1) of the Act. During the assessment proceedings the Assessing Officer collected the evidence by making the reference to the Singapore authority and completed the assessment after making the additions of Rs. 15,66,870/- under the Act. According to AO the WUL made the ....
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....escribed u/s 11 of BMA 17-02-2022 Order u/s 10(30 of BMA 6. He further submitted that the assessment order is barred by limitation and the assessment can be framed by 31-03- 2021 because the notice u/s 10(1) Of the BMA was issued on 10-04-2018. As per the section 11 of the Black Money Act the assessment shall be framed after the expiry of two years from the end of the financial year in which the notice under sub section (1) of the section 10 of the Act was issued by the Assessing Officer. In this case notice under section 10(1) of the BM Act was issued on 10-04-2018 then assessment can be framed by 31-03-2021 after the expiry of two years of the financial year. The assessment order was passed on 17-02- 2022 which is time barred. 7. The section 11 of the BM Act reproduce as under: 11. Time limit for completion of assessment and reassessment.- (1) No order of assessment or reassessment shall be made under section 10 after the expiry of two years from the end of the financial year in which the notice under sub-section (1) of section 10 was issued by the Assessing Officer. (2) Notwithstanding anything contained in sub-section (1), an order of fres....
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....me and asset for another assessment year shall, for the purposes of section 10 and this section, be deemed to be one made in consequence of, or to give effect to, any finding or direction contained in the said order. 8. The Ld. Authorized Departmental Representative submitted as per section 11 of the BM Act no order of assessment shall be made after the expiry of two years from the end of the financial year in which the notice under section 10(1) of the Act was issued. In this case notice was issued in the financial year 2018-19 and the ends of the F.Y. was 31- 03-2019 the assessment should be passed by 31-03 2021 in the normal circumstances. He also stated that the Parliament enacted the Act "The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act 2020 (in short "TOLA") with effect from 31-03-2020 to extend the time limit for the assessment. He further submitted that by issuing the notifications on various dates the time limit of framing the assessment was extended. The last notification was issued on 17-09-2021 by which the time limit was extended by 31-03- 2022. He further submitted that the assessment order was passed in the extended time which is wi....
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....d been substituted; and (b) for the figures, letters and words "31st day of March, 2021", the figures, letters and words "31st day of January, 2021" had been substituted; (B) clause (b) of sub-section (1) of section 3 of the Act, where the specified Act is the Income-tax Act, 1961 (43 of 1961) and the compliance for the assessment year commencing on the 1st day of April, 2020 relates to - (i) furnishing of return under section 139 thereof, the time limit for furnishing of such return, shall - (a) in respect of the assessees referred to in clauses (a) and (aa) of Explanation 2 to sub-section (1) of the said section 139, stand extended to the 15th day of February 2021; and (b) in respect of other assessees, stand extended to the 10th day of January, 2021: Provided that the provisions of the fourth proviso to sub-section (1) of section 3 of the Act shall, mutatis mutandis apply to these extensions of due date, as they apply to the date referred to in sub-clause (b) of clause (i) of the third proviso thereof; (ii) furnishing of report of audit under any provision of that Act, the time limit for furnishing of such report of ....
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....nsaction Act, 1988, (45 of 1988) (hereinafter referred to as the Benami Act) and the completion of any action, as referred to in clause (a) of sub-section (1) of section 3 of the said Act, relates to issue of notice under sub-section (1) or passing of any order under sub-section (3) of section 26 of the Benami Act,- (i) the 30th day of June, 2021 shall be the end date of the period during which the time limit specified in or prescribed or notified under the Benami Act falls, for the completion of such action; and (ii) the 30th day of September, 2021 shall be the end date to which the time limit for completion of such action shall stand extended. [F. No. 370142/35/2020-TPL] SHEFALI SINGH, Under Secy., Tax Policy & Legislation Division Note: The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide S.O. No. 4805 dated 31st December, 2020. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 20/2021 New Delhi, the 31st March, 2021 S.O. 1432(E).-In exercise of the powers conferred by sub-section (1) of section 3 of....
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....imation under sub-section (1) of section 168 of the Finance Act, - (i) the 31st day of March, 2021 shall be the end date of the period during which the timelimit, specified in, or prescribed or notified under, the Finance Act falls for the completion of such action; and (ii) the 30th day of April, 2021 shall be the end date to which the time-limit for the completion of such action shall stand extended. [F. No. 370142/35/2020-TPL] SHEFALI SINGH, Under Secy., Tax Policy and Legislation Division Note : The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide S.O. No. 4805 dated 31st December, 2020. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 38/2021 New Delhi, the 27th April, 2021 S.O. 1703(E).- In exercise of the powers conferred by sub-section (1) of section 3 of the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 (38 of 2020) (hereinafter referred to as the said Act), and in partial modification of the notifications of the Government of India in the Ministry of Finan....
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....clause (a) of sub-section (1) of section 3 of the said Act, relates to sending an intimation under sub-section (1) of section 168 of the Finance Act, and the time limit for completion of such action expires on the 30th day of April, 2021 due to its extension by the said notifications, such time limit shall further stand extended to the 30th day of June, 2021. [F. No. 370142/35/2020-TPL] RAJESH KUMAR BHOOT, Jt. Secy. Tax Policy & Legislation Division Note: The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide S.O. No. 4805 dated 31st December, 2020. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 74/2021 New Delhi, the 25th June, 2021 S.O. 2580(E).-In exercise of the powers conferred by sub-section (1) of section 3 of the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 (38 of 2020) (hereinafter referred to as the said Act), and in partial modification of the notifications of the Government of India in the Ministry of Finance, (Department of Revenue) No. 93/2020 dated the 31st December, ....
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....d to as the Finance Act) and the completion of any action, referred to in clause (a) of sub-section (1) of section 3 of the said Act, relates to sending an intimation under sub-section (1) of section 168 of the Finance Act, and the time limit for completion of such action expires on the 30th June, 2021 due to its extension by the said notifications, such time limit shall further stand extended to the 30th day of September, 2021. [ F. No. 370142/35/2020-TPL] SHEFALI SINGH, Under Secy., Tax Policy and Legislation Division Note : The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide S.O. No. 4805(E) dated 31st December, 2020 and was last amended vide S.O. 1703(E) dated 27th April,2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 113/2021 New Delhi, the 17th September, 2021 S.O. 3814(E).-In exercise of the powers conferred by sub-section (1) of section 3 of the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 (38 of 2020) (hereinafter referred to as the said Act), and in partial modific....
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....sing of any order under sub-section (3) of section 26 of the Benami Act,- (i) the 30th day of June, 2021 shall be the end date of the period during which the time-limit specified in or prescribed or notified under the Benami Act falls, for the completion of such action; and (ii) the 31st day of March, 2022 shall be the end date to which the time-limit for completion of such action shall stand extended. [F. No. 370142/35/2020-TPL-Part 1] SHEFALI SINGH, Under Secy., Tax Policy and Legislation Division Note: The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide S.O. 4805(E) dated 31st December, 2020 and was last amended vide S.O. 2580(E) dated 25th June, 2021. 9. We have heard the parties and gone through the material available on record. The Ld. AR of the assessee submitted that in the Act TOLA the specified Act defined in section 2(b) and specified Act means (i) the Wealth -tax Act, 1957 (ii) the Income- tax Act, 1961 (iii) the Prohibition of Benami Property Transactions Act, 1988 (iv) Chapter VII of the Finance Act 2004 (v) Chapter VII of the Finance Act 201....