TaxTMI 
TaxTMI 
2025 (9) TMI 1876
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....s of appeal: "1. On the facts and circumstances of the case and in law, the learned Pr. CIT -41. Mumbai erred in invoking jurisdiction under section 263 of the Act and sought to revise the order passed under section 147 r.w.s. 144B of the Act which was bad in law. 2. On the facts and circumstances of the case and in law, the order passed under section 263 of the Act by the Ld. Pr. CIT-41, Mumbai is bad in law and without jurisdiction in as far as a. the notice issued under section 148 of the Act dated 26-06-2021 was not covered by the provisions of Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 as held by the Hon'ble Supreme Court in the case of UOI vs. Rajeev Bansal [2024] ....
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....Runwal Group for purchase of Shop No. G-44. Since there was no mention of this issue in the assessment order, Ld. PCIT invoked the provisions of Explanation 2 to Section 263 and set aside the impugned assessment order dated 30.03.2023 holding it to be erroneous and thereby prejudicial to the revenue vide order dated 26.03.2025, further a directed the Ld. AO to carry out due verification on the issue relating the payment of 'On Money' and thereafter pass a fresh assessment order. Aggrieved with the order of the Ld. PCIT, the assessee has preferred an appeal before the Tribunal. 4. Before us, Ld. AR has submitted that the order u/s. 147 r.w.s. 144B was itself bad in law as a notice dated 26.06.2021 u/s. 148 of the Act was not cover....
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....covered by the Explanation 2 to section 263 of the Act, which specifies that if an order is passed without making enquiries or verification which should have been made, then the order passed by the AO shall be deemed to be erroneous in so far as it is prejudicial to the interest of the revenue. 6. We have heard the rival submissions and perused the material placed on record. We note that as per the amended provisions of reopening applicable in this case, the notice issued u/s. 148 on 28.07.2022 was time barred as per the decision of the Hon'ble Apex Court in the case of Rajeev Bansal (Supra). The relevant dates are as per the table below: Sr. No. Particulars Date / Days 1 Date of deemed show cause notice u/s. 148A(b) ....