2026 (7) TMI 1574

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....' in short), under Section 250 of the Income-tax Act, 1961 (hereinafter referred to as 'the Act' in short) for Assessment Year 2017-18. 2. The assessee has raised following grounds of appeal:- "1. Invalid Reassessment - Time-barred: The Ld. AO grossly erred in issuing notice u/s. 148 beyond 3 years from the end of the relevant assessment year, when the alleged escapement of income was less than Rs. 50 lakh. As per proviso to section 149(1)(a), such reopening was barred by limitation and the notice itself is invalid, rendering the reassessment void ab initio. 2. Failure to follow mandatory procedure u/s. 148A: The Ld. AO failed to comply with the mandatory procedure laid down u/s. 148A by: - Is....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Act, 2021-are applicable. The period permitted by TOLA for extension is strictly for those actions which fall for completion between 20 March 2020 to 31 March 2021; it does not allow extension of old/repealed law beyond that. 6. Notice issued / proceedings / order beyond time limit 7. Lack of Approval u/s. 151: The reassessment proceedings are invalid as the Ld. AO has not obtained and recorded sanction/approval from the specified authority u/s. 151 of the Act before issuing notice u/s. 148, making the entire reassessment without jurisdiction. 8. Impermissible Review of Own Orders: The Ld. AO had already passed a regular assessment order u/s. 143(3) dated 01-12-2019 disallowing Rs. 26,994 under s....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....n 20.05.2023, with additions of Rs. 2,47,000/- on account of cash deposited during demonetization period and on account of the gross interest received of Rs. 59,06,464/-. 4. Another fact to be considered is that notice u/s. 154 of the Act was issued to the assessee on 03.12.2021 culminating in passing of an order on 10.01.2023 disallowing the interest received from co-operative bank of Rs. 2,69,714/-. 5. Aggrieved by the assessment order, the assessee went in appeal before the Ld. CIT(A). The Ld. CIT(A), vide order dated 08.09.2025, confirmed the addition of Rs. 2,47,000/- and remanded the issue of interest to the Assessing Officer for verification. 6. Aggrieved by the order of the Ld. CIT(A), the assessee filed an appeal before th....