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TMI Blog2021 (5) TMI 30X X X X Extracts X X X X X X X X Extracts X X X X ..... ndent no.2 under section 153A of the Income Tax Act, 1961 (briefly 'the Act' hereinafter) as well as the speaking order dated 03.02.2021 passed by the said respondent rejecting the request of the petitioner to drop the proceedings initiated under section 153A of the Act and directing the petitioner to file return of income for the assessment year 2011-2012 in accordance with the provisions of section 153A of the Act. 3. Mr. Pardiwalla, learned senior counsel has referred to the impugned notice as well as to the impugned speaking order and submits that the basic requirement or precondition for invoking jurisdiction under section 153A of the Act is missing in this case and therefore assumption of jurisdiction by respondent no.2 is liable to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... will have all opportunities to advance its case in the assessment proceedings and thereafter if the occasion so arises in appellate forum which is provided under the Act. In support of his submissions, Mr. Sharma has placed reliance on the decisions of the Supreme Court in the case of Commissioner of Income Tax Vs. Chhabil Dass Agarwal, (2013) 357 ITR 357; ACIT Vs. Rajesh Jhaveri Stock Brokers (P) Ltd. (2007) 291 ITR 500 (SC); and Raymond Woollen Mills Ltd. Vs. Income Tax Ofcer, (1999) 236 ITR 34 (SC). He, therefore, submits that this Court may not intervene in the proceedings at this stage and allow the respondents to proceed following the notice dated 13.01.2021 in accordance with law. 5. In his reply, Mr. Pardiwalla has distinguished th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... immediately preceding the assessment year in which search is conducted or requisition is made. While such reopening of assessment would be for six assessment years immediately preceding the assessment year relevant to the previous year in which the search is conducted or requisition is made, the fourth proviso says that no notice for assessment or reassessment shall be issued for the relevant assessment year or years unless the assessing officer has in his possession books of account or other documents or evidence which reveal that the income represented in the form of asset which has escaped assessment amounts to or is likely to amount to fifty lakh rupees or more in the relevant assessment year or in aggregate in the relevant assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h assessment year already provided upto the tenth assessment year if the Assessing Officer has in his possession books of account or other documents or evidence which reveal that the income which has escaped assessment amounts to or is likely to amount to fifty lakh rupees or more in one year or in aggregate in the relevant four assessment years (falling beyond sixth assessment year); such income escaping assessment is represented in the form of assets; and the income escaping assessment or part thereof relates to such year or years. 10. Central Board of Direct Taxes in circular no.2/2018 dated 15.02.2018 has clarified about the aforesaid amendment stating that notice under section 153A can be issued for an assessment year or years beyond ..... X X X X Extracts X X X X X X X X Extracts X X X X
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