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IN THE HIGH COURT OF JUDICATURE AT MADRAS
C.SARAVANAN
Exemplarr Worldwide Limited – Appellant
Versus
Central Board of Direct Taxes, Rep. by its Chairperson, New Delhi – Respondent
| Table of Content |
|---|
| 1. factual background of inter-corporate loan and prior assessment (Para 1 , 2 , 3 , 4 , 5 , 6 , 8) |
| 2. parties' contentions on jurisdiction and limitation (Para 7 , 9 , 10 , 11) |
| 3. ashish agarwal directions on old regime notices (Para 12 , 13 , 14 , 15 , 16) |
| 4. rajeev bansal clarification on tola applicability (Para 17 , 18 , 19 , 20 , 21) |
| 5. section 148a(d) timeline and exclusions (Para 22 , 23 , 24 , 25 , 26 , 27 , 28) |
| 6. limitation analysis under new regime provisos (Para 29 , 30 , 31 , 32 , 33) |
| 7. covid-19 extension of limitation periods (Para 34 , 35 , 36 , 37) |
| 8. timely issuance of 148a(d) order and 148 notice (Para 38 , 39 , 40 , 41 , 42) |
| 9. valid approval by specified authority under section 151 (Para 43 , 44 , 45 , 46 , 47 , 48) |
| 10. writ petition dismissed with appeal liberty (Para 49 , 50 , 51 , 52) |
ORDER :
1. In this Writ Petition, the Petitioner has challenged the impugned Section 148 Notice dated 30.07.2022 of the Income Tax Act, 1961 (hereinafter referred to as Act), which has culminated in the impugned Assessment Order dated 31.03.2023 passed by the 2nd Respondent under Section 147 read with Section 143(3) of the on the ground that they are without jurisdiction.
Reassessment notice for AY 2013-14 upheld as timely under new regime, with exclusions for TOLA, Covid periods, and Section 148A reply time; Director General's approval valid under Section 151(ii).
Reassessment notice under Section 148 issued after Section 148A(b) on last day of old regime limitation held valid as response time excluded under Section 149 proviso; book entries qualify as 'assets....
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