2022 (11) TMI 1496 - HC - Income Tax

Validity of reassessment proceedings - Scope of amendment by the Finance Act 2021, which introduced the new amended provisions i.e., Sections 147 to 151 with effect from 1st April, 2021 - scope of Section 3(1) of the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 and the fact that the Petitioner has an alternative remedy of assailing the order of the assessment - HELD THAT - The judgment of the Supreme Court in Union of India v. Ashish Agarwal 2022 (5) TMI 240 - SUPREME COURT is a complete answer. This has been taken note of by this Court in its order in Nutan Bhusan Jena 2022 (5) TMI 1467 - ORISSA HIGH COURT Considering that, the assessment year is 2013-14 and the impugned notice under Section 148 of the Income Tax Act, 1961 was issued on 30th March, 2021, for the reasons stated in the aforementioned order in Nutan Bhusan Jena (supra) as well as an earlier order of this Court in M/s. Ambika Iron and Steel Pvt. Ltd. 2022 (1) TMI 1291 - ORISSA HIGH COURT and the order of Ashish Agarwal (supra) the impugned notice and all the proceedings and orders consequent thereto are hereby quashed.

Summary

The High Court of Orissa quashed the impugned notice under Section 148 of the Income Tax Act, 1961 for the assessment year 2013-14, citing the judgment of the Supreme Court in Union of India v. Ashish Agarwal. The court referred to previous orders and ruled in favor of the petitioner.