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TMI Blog2022 (4) TMI 238X X X X Extracts X X X X X X X X Extracts X X X X ..... lidity of re-assessment notice issued under the erstwhile section147/148 after 1.4.2001 without following the mandate of new section 148A - Validity of the re-assessment proceedings initiated against the individual petitioners, after 01.04.2021, having resort to the provisions of the Income Tax Act, 1961 as they existed, read with the provisions of Act No. 38 of 2020 and the notifications issued thereunder - HELD THAT:- As decided in VELLORE INSTITUTE OF TECHNOLOGY VERSUS CENTRAL BOARD OF DIRECT TAXES, THE ASSISTANT COMMISSIONER OF INCOME TAX (EXEMPTIONS) [ 2022 (2) TMI 923 - MADRAS HIGH COURT] while accepting the challenge to the reassessment notices under Section 148 of the Act of 1961, we hold that the Explanations A(a)(ii)/A(b) to the N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 148 (A) of the Income Tax, which has been incorporated into the Income Tax Act with effect from 01.04.2021, reads as under: 148. Issue of notice where income has escaped assessment. Before making the assessment, reassessment or recomputation under section 147, and subject to the provisions of section 148A, the Assessing Officer shall serve on the assessee a notice, along with a copy of the order passed, if required, under clause (d) of section 148A, requiring him to furnish within such period, as may be specified in such notice, a return of his income or the income of any other person in respect of which he is assessable under this Act during the previous year corresponding to the relevant assessment year, in the prescribed form a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is conducted under section 133A, other than under sub-section (2A) or subsection (5) of that section, on or after the 1st day of April, 2021, in the case of the assessee; or (iii) the Assessing Officer is satisfied, with the prior approval of the Principal Commissioner or Commissioner, that any money, bullion, jewellery or other valuable article or thing, seized or requisitioned under section 132 or section 132A in case of any other person on or after the 1st day of April, 2021, belongs to the assessee; or (iv) the Assessing Officer is satisfied, with the prior approval of Principal Commissioner or Commissioner, that any books of account or documents, seized or requisitioned under section 132 or section 132A in case of any other person ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , or such time, as may be extended by him on the basis of an application in this behalf, as to why a notice under section 148 should not be issued on the basis of information which suggests that income chargeable to tax has escaped assessment in his case for the relevant assessment year and results of enquiry conducted, if any, as per clause (a); (c) consider the reply of assessee furnished, if any, in response to the show-cause notice referred to in clause (b); (d) decide, on the basis of material available on record including reply of the assessee, whether or not it is a fit case to issue a notice under section 148, by passing an order, with the prior approval of specified authority, within one month from the end of the month in which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llahabad and Delhi High Courts on the subject, the reassessment notices under Section 148 of the Act of 1961 served on the petitioners on or after 1.4.2021 are set aside having been issued in reference to the unamended provisions and the Explanations are to be read as applicable to reassessment proceedings if initiated on or prior to 31.3.2021, but it would be with liberty to the assessing authorities to initiate reassessment proceedings in accordance with the provisions of the Act of 1961, as amended by the Finance Act, 2021, after making all the compliances as required by law, if limitation for it survives. With the aforesaid observations, all the writ petitions are disposed of. There shall be no order as to costs. Consequently, the con ..... X X X X Extracts X X X X X X X X Extracts X X X X
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