TMI Blog2022 (9) TMI 553X X X X Extracts X X X X X X X X Extracts X X X X ..... come has escaped assessment during that relevant year to the tune of Rs.1,00,00,000/-. The cases of all the above three are also liable to be examined together under Section 147 of the Act. So far as the time limit of notice as provided under Section 149 of the Act is concerned, the same is in respect of Section 148 of the Act and not for Section 148A of the Act. The petitioner is free to raise an objection about limitation in a proceeding initiated under Section 148 of the Act. As on today, the authorities have found it a fit case for issuance of notice under Section 148 of the Act in compliance In sub-paragraph (iii), the Apex Court has held ASHISH AGARWAL [ 2022 (5) TMI 240 - SUPREME COURT] that the Assessing Officer shall thereafter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Apex Court, whereby the case of the petitioner is found to be fit for issuance of notice under Section 148 of the Act for the Assessment Year, 2013 2014. 02. The facts of the case in short are as under:- 2.1. The petitioner is a company registered under the provisions of the Companies Act, 1956 (now the Companies Act, 2013). The petitioner is a listed company on the Bombay Stock Exchange and is engaged in the business of IT, ITes and newspaper distribution. The petitioner had filed its return of income tax for the Financial Year, 2012 13 relevant to the Assessment Year, 2013 14 under Section 139 of the IT Act on 12.09.2013 i.e. within the time limits. 2.2. Respondent No.2 issued a notice dated 28.06.2021 to the petitioner und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fresh notice dated 20.05.2022 under newly inserted Section 148 of the Act to the petitioner. The petitioner has submitted a reply to the aforesaid notice inter alia on the ground that assessment had become timebarred, hence, cannot be reopened. Vide impugned order dated 26.07.2022, respondent No.2 has rejected the objection and concluded that it is a fit case for issuance of notice under Section 148 of the Act for Assessment Year, 2013 14. Hence, the present writ petition before this Court. 03. Shri P.M. Choudhary, learned Senior Counsel appearing for the petitioner submits that the case of the petitioner is not liable to be reopened under Section 148 of the Act by virtue of proviso to Section 149(1)(b) of the Act. The learned authori ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arned counsel for the parties at length and perused the record. 06. Section 148 of the Act provides that before making the assessment, reassessment or re-computation under Section 147 of the Act and subject to the provisions of Section 148 of the Act, the Assessing Authority shall serve a notice on the assesses along with a copy of the order if required under Section 148(d) requiring him to furnish within such period as may be specified in such notice, a return of his income or income of other persons in respect of which he is assessable under the Act during the previous year corresponding to the relevant Assessment Year. As on today, the petitioner has been subjected to the proceeding under Section 148A of the Act only and after examini ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at Allahabad in W.T. No.524/2021 and other allied tax/petitions is/are hereby modified and substituted as under:- (i) The impugned section 148 notices issued to the respective assessees which were issued under unamended section 148 of the IT Act, which was the subject matter of the writ petitions before various respective High Courts shall be deemed to have been issued under section 148A of the IT Act as substituted by the Finance Act, 2021 and construed or treated to be show-cause notices in terms of section 148A(b). The assessing officer shall, within thirty from today provide to the respective assessee' information and material replied upon by the Revenue, so that the assessees can reply to the show-cause notices within two wee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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