TaxTMI 
TaxTMI 
2025 (4) TMI 2114
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....144 of the Income-tax Act, 1961 (hereinafter referred to as 'the Act') dated 28.05.2023 by the Assessing Officer, NaFAC, Delhi (hereinafter referred to as 'ld. AO'). 2. The Revenue has raised the following grounds of appeal:- (i). Law and on facts of the case by holding that initiation of the proceeding itself is not valid as the specified authority to give the sanction beyond three years is Pr. CCIT or CCIT and the approval was obtained from Pr. CIT in this case. (ii). Law and on facts of the case by ignoring the fact that the specified authority under section 151 of the new law in this case shall be the authority prescribed under clause [1] of that section since A.Υ 2016-17 & 2017-18 are within the period of t....
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....perty for Rs. 5,35,92,000/-. Based on this information, the assessment of the assessee was sought to be reopened vide issuance of notice u/s 148 of the Act on 23.04.2021. As per the directions of the Hon'ble Supreme Court in the case of Union of India Vs. Ashish Aggarwal, notice u/s 148A(b) of the Act dated 25.05.2022 was issued to the assessee. The assessee filed adjournment application on 13.06.2022 and later did not file any reply. Hence, the ld AO passed an order u/s 148A(d) of the Act and issued fresh notice u/s 148 of the Act on 26.07.2022. In response to the said notice, the assessee filed a return of income on 24.01.2023 admitting the income of Rs. 3,35,890/-. All the details that were called for by the ld AO were duly furnished....
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....ons relating to reassessment proceedings from Section 147 to Section 151 and new Section 148A of the Act were introduced vide Finance Act, 2021 which provides for making enquiry and to provide opportunity of being heard to the assessee before issuance of notice u/s 148 of the Act. The assessee placed reliance on the decision of the Hon'ble Supreme Court in the case of Union of India Vs. Ashish Aggarwal in Civil appeal No. 3005/2022 dated 04.05.2022 in respect of his proposition. It was submitted that CBDT has issued Instruction No. 1/2022 dated 11.05.2022 whereby in para 6.2 of the instruction, it has been mentioned by CBDT that for AYs. 2013-14, 2014-15 and 2015-16, fresh notice u/s 148 of the Act could be issued with the approval of t....
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....ndia Vs. Ashish Agarwal vide its order dated 04.05.2022. Hence, the proceedings u/s 148A of the IT Act has been commenced in this case. The AO issued notice u/s 148A(b) of the IT Act to the appellant and later passed the order u/s 148A(d) of the IT Act on 26.07.2022. 9. The main challenge of the appellant in this case is that the notice issued by the AO on 26.07.2022 was invalid on account of multiple reasons. The copy of the notice is as under: 4. From the above, it could be seen that approval u/s 151 of the Act in the instant case has been granted by the wrong authority. Hence, getting an approval from a wrong authority becomes fatal to the reassessment proceedings. Accordingly, we hold that the reassessment were rightly quash....
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....44091532(1) dated 26.07.2022 and annexed herewith for reference, (B) I have information that a search was initiated under section 132 of the Act in your case or in the case of the person in respect of which you are assessable under the Act on the date . (C) I have information that books of accounts, other documents or any assets have been requisitioned under section 132A of the Act in your case or in the case of the person in respect of which you are assessable under the Act. (D) DI am satisfied, with the approval of Principal Commissioner or Commissioner, that money, bullion, jewellery or other valuable article or thing, seized or requisitioned under section 132 or section 132A of the Act in case of relate to you or the person in res....