2026 (6) TMI 964

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.... the assessment year 2015-16. 2. The brief facts of the case are that, the assessee is a partnership firm, engaged in the business of retail trade of petroleum products. The assessee has not filed return of income under section 139(1) of the Act. As per the information available for A.Y. 2015-16, in accordance with the risk management strategy formulated by the Board on the Insight Portal of the Income-tax Department, the assessee has made cash deposits of Rs. 1,51,90,970/- in the bank account. Therefore, the assessment has been reopened under section 147 of the Act, and notice under section 148 of the Act, dated 23.04.2022 was issued and served on the assessee. Since there was no response from the assessee, the A.O. issued notice under ....

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....e learned CIT(A), where the Ld. CIT(A) provided sufficient opportunities, but there was no response from the assessee. Therefore, the learned CIT(A), based on the material available on record, disposed of the appeal filed by the assessee and upheld the additions made by the A.O. towards estimation of profit on total turnover. 4. Aggrieved by the order of the learned CIT(A), the assessee is now in appeal before the Tribunal. 5. The learned counsel for the assessee, Shri S. Gopi Krishna, C.A. submitted that, the notice issued by the A.O. under section 148 of the Act, dated 23.04.2022 is beyond the period of limitation, because the notice has been issued beyond six years from the end of the relevant assessment year and in view of the fir....

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....ection 148 of the Act dated 23.04.2022 in light of the provisions of section 149 of the Act, including the first proviso thereto. The first proviso to section 149 clearly provides that no notice under section 148 shall be issued at any time in a case for the relevant assessment year beginning on or before 01.04.2021, if such notice could not have been issued at that time on account of being beyond the time limit specified under the provisions of the Act as it stood prior to amendment. 8. In the present case, the assessment year involved is 2015-16 and as per the unamended provisions of section 149 of the Act, where income escaping assessment exceeds the prescribed limit, the time limit for issuance of notice under section 148 of the Act,....