9911796707
TMI Blog2023 (10) TMI 1353X X X X Extracts X X X X X X X X Extracts X X X X ..... at in cases where notice u/S.153A or Section 153C read with Section 153A is required to be issued in relation to a search conducted u/S.132 or books of account and other documents or any asset are requisitioned u/S.132A on or before 31.03.2021, the time frame prescribed by Section 149(1) of IT Act is inapplicable. Thus, it is obvious that in cases of search as is the case at hand, there is no restriction of time period for issuance of notice u/S.148 of IT Act. The object of second proviso to Section 149(1) of IT Act is to keep the cases pertaining to search conducted for reassessment outside the purviews of the time restriction prescribed in Section 149(1) of IT Act. Thus the second proviso to Section 149(1) of IT Act does not eclipse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... said provision of Section 149 of IT Act is reproduced below in toto: 149.(1) No notice under section-148 shall be issued for the relevant assessment year, (a) if three years have elapsed from the end of the relevant assessment year, unless the case falls under clause (b); (b) if three years, but not more than ten years, have elapsed from the end of the relevant assessment year unless the Assessing Officer has in his possession books of account or other documents or evidence which reveal that the income chargeable to tax, represented in the form of asset, which has escaped assessment amounts to or is likely to amount to fifty lakh rupees or more for that year: Provided that no notice under section 148 shall be issued ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hasis supplied) 5. The amended Section 149 of IT Act which was brought on the Statute Book by way of Finance Act, 2021 w.e.f. 01.04.2021, stipulates time period within which notice u/S. 148 can be issued. 5.1 A bare perusal of second proviso to Section 149(1) of IT Act reveals that in cases where notice u/S.153A or Section 153C read with Section 153A is required to be issued in relation to a search conducted u/S.132 or books of account and other documents or any asset are requisitioned u/S.132A on or before 31.03.2021, the time frame prescribed by Section 149(1) of IT Act is inapplicable. 5.2 Thus, it is obvious that in cases of search as is the case at hand, there is no restriction of time period for issuance of notice u/S.148 o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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