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IN THE HIGH COURT OF JUDICATURE AT MADRAS
C.SARAVANAN
Shanmugasundaram Alamelu – Appellant
Versus
Income Tax Officer, Non-Corp., Ward 1(1) CHE, Chennai – Respondent
ORDER :
C. SARAVANAN, J.
The Petitioner is before this Court against the impugned order passed under Section 148A(d) of the Income Tax Act, 1961 and the impugned notice issued under Section 148 of the Income Tax Act, 1961, both dated 31.03.2023.
2. The impugned Order and Notice relates to the Assessment Year 2016-2017. As per the amended Section 149 of the Income Tax Act, 1961 which came into force with effect from 01.04.2021, the last date for issuance of Notice under Section 148 is 3 years or 10 years i.e., 31.03.2020 or 31.03.2027. Extended period of 10 years is available to an Assessing Officer where the income escaping assessment is likely to amount to fifty lakh rupees or more.
3. However, such a Notice under Section 148 of the Income Tax Act, 1961 can be issued under the new regime within 3 years or 10 years, as the case may be provided that the limitation prescribed under the old regime under Section 149 of the Income Tax Act, 1961, as in force on 31.03.2021, had not expired. The other requirement for invoking extended period is that Assessing Officer should be in possession books of account or other documents or evidence which reveal that the income chargeable to tax, represen
Section 149 reads as no notice under section 148 shall be issued for relevant assessment year.
Reassessment notice u/s.148 valid if AO's information at issuance time shows escaped income likely exceeding Rs.50 lakhs threshold u/s.149(1)(b), even if later reduced; subsequent quantification does....
Post Finance Act 2021, s.148 reassessment valid even for search-derived info if search after 01.04.2021; presume recent searches post-date; quash assessment for natural justice violation if reasonabl....
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....
The main legal point established is the strict adherence to the time limits and procedural requirements for issuing a notice under Section 148 of the Income Tax Act, as interpreted and clarified by t....
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