2023 (9) TMI 1484 - HC - Income Tax

Validity of assessment u/s 147 as time barred - HELD THAT - Respondent/revenue accepts notice. Counter-affidavit will be filed within the next two weeks. Rejoinder thereto if any will filed at least two days before the next date of hearing. List the matter on 17.10.2023. Meanwhile there shall be a stay on the operation of the impugned notice dated 13.03.2023 till further directions of the court. Parties will act based on the digitally signed copy of the order.

Summary

Issues involved: Assessment Year 2012-13, Time-barred notice u/s 148 of the Income Tax Act, 1961.

Assessment Year 2012-13:
- The scrutiny assessment order u/s 143(3) was passed on 16.03.2015.
- A search action u/s 132 was conducted on 01.09.2021.
- The petitioner received a notice dated 13.03.2023, u/s 148, which is contended to be time-barred.
- The petitioner's counsel referred to the proviso in Section 149(1) of the Act, along with Section 153A(1)(b) and Explanation 1.
- The judgment of the Madurai Bench of the Madras High Court in a related case was cited.
- The issue is also under consideration in another case before the same Court.
- The respondent's counsel accepted the notice.
- Counter-affidavit to be filed within two weeks, with a rejoinder if any, before the next hearing.
- The matter is listed for 17.10.2023.
- Stay on the notice dated 13.03.2023, until further court directions.
- Parties to act based on the digitally signed copy of the order.