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IN THE HIGH COURT OF JUDICATURE AT MADRAS
C.SARAVANAN
Shanmugha Arts and Science Technology & Research Academy Rep. by its Chairman and Managing Trustee Mr.R.Sethuraman – Appellant
Versus
ACIT (Exemptions) – Respondent
ORDER :
C.SARAVANAN, J.
In this writ petition, the petitioner has challenged the impugned Order dated 02.05.2022 passed under Section 148A(d) and the impugned Notice dated 02.05.2022 issued Section 148 of the Income Tax Act, 1961.
2. The respondent has reopened the assessment for the Assessment Year 2015-16, pursuant to Section 148A(b) Notice dated 31.03.2022.
3. The Operative portion of the impugned Order dated 02.05.2022 reads as follows:
“4. The assessee's contention was considered carefully and disposed of as under;
4.1 LIMITATION
4.1.1 This case has been selected / flagged in the Insight Portal of the Department in accordance with the Risk Management Strategy formulated by the CBDT under clause (i) to explanation (1) to section 148 of the Income-tax Act 1961.
4.1.2 This case falls under section 149(1)(b) of the IT Act, 1961 as information which suggests that the income chargeable to tax, represented in the form as asset has escaped assessment amounts to or likely to amount to fifty lakhs or more for that yearis available with the Assessing officer. In the instant case the fees of Rs.2,85,26,271/- taken in advance is in the form of asset.
4.2 CONCEPT OF ASSET
4.2.1 As per Section 149(1)(
Reassessment under Income Tax Act is impermissible on issues already addressed in a completed assessment, as it constitutes a change of opinion without new material evidence.
S.148 notice issued after 6-year limitation period under unamended S.149 is invalid; reassessment quashed.
A notice for reassessment for the assessment year 2015-16 issued after 31.03.2022 is barred by limitation, as the first proviso to section 149(1) of the Income Tax Act prohibits the application of th....
The issuance of notice under section 148 was ruled invalid as it was beyond the limitation period specified under the previous regime, making the reassessment void ab initio under Income Tax Act.
The reopening of assessment notice under Section 148 is barred by limitation if issued beyond the established time frame as per amended Section 149.
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