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2023 (6) TMI 134 - HC - Income TaxValidity of Reopening of assessment - Time Limit for Notice - two consequential notices issued - as submitted reassessment proceeding has been triggered pursuant to a survey carried out against the petitioner - HELD THAT:- Information which emerged post the survey would be deemed to be considered as information, suggesting that income chargeable to tax has escaped assessment. As also since clause(a) to the first proviso appended to Section 148A does not refer to “survey”, the regime provided u/s 148A had to be applied to the petitioner, which is why notices were issued u/s 148A(b) of the Act. What emerges from the record is that, clearly, two notices were issued u/s148A(b) i.e., notice dated 28.03.2023 and 29.03.2023. What has also emerged is that the entire survey report was not submitted to the petitioner, since Mr Agarwal, during the course of his submissions, has said that the relied-upon portion of survey report was provided to the petitioner. Also submitted that information came to the fore only on 07.09.2022, when the survey was conducted, i.e., after the Finance Act 2022 kicked in. Petitioner submits that the expenditure was incurred prior to 01.04.2022, and therefore, the unamended provisions would apply and consequently, proceedings would be time-barred. In support of his plea, has relied upon Instruction No.1/2022 dated 11.05.2022 and the Memorandum Explaining the Provisions in the Finance Bill 2022. According to us, the matter requires examination. Besides this, as noticed above, it is, at least, prima facie, evident to us that Section 149 of the Act, as amended, may not be applicable. List the matter on 22.11.2023.
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