TMI Blog2023 (4) TMI 1270X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome Tax Act when quantum of income which escaped assessment is alleged to be less than 50 lacs? - HELD THAT:- Prima facie it appears that even if the CBDT letter provides otherwise, the same cannot supplant the statutory provision u/s. 149 of the Income Tax Act and therefore, prima facie the petitioner appears to have made out a case for admission and interim relief. Accordingly, as an interi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Court has allowed the assessee to raise all possible objections including those available u/S. 149 of the amended Income Tax Act, which inter alia provides thus: 149. Time limit for notice- (1) No notice under Section 148 shall be issued for the relevant assessment year,- (a) if three years have elapsed from the end of the relevant assessment year, unless the case falls under clause (b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Finance Act, 2021: Provided further that the provisions of this sub-section shall not apply in a case, where a notice under section 153A, or section 153C read with Section 153A, is required to be issued in relation to a search initiated under section 132 or books of account, other documents or any assets requisitioned under section 132A, on or before the 31st day of March, 2021. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e (b) of this sub-section, asset shall include immovable property, being land or building or both, shares and securities, loans and advances, deposits in bank account. (2) The provisions of sub-section (1) as to the issue of notice shall be subject to the provisions of section 151] Learned counsel Shri Usrethe has pointed out by referring to Annexure P/1 and Annexure P/2 that the qua ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and the sub paragraphs. Prima facie it appears that even if the CBDT letter provides otherwise, the same cannot supplant the statutory provision u/S. 149 of the Income Tax Act and therefore, prima facie the petitioner appears to have made out a case for admission and interim relief. Accordingly, as an interim relief, it is directed that the notice u/s 148 of the amended Income Tax Act dated ..... X X X X Extracts X X X X X X X X Extracts X X X X
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