9911796707
TMI Blog2025 (1) TMI 238X X X X Extracts X X X X X X X X Extracts X X X X ..... ce to the direction of learned Dispute Resolution Panel-1, New Delhi dated 19.02.2024 under section 144C of the Act for the Assessment Year 2015-16. 2. Brief facts of the case are that as per information, assessee had made Fictitious Losses in Equity/Derivative Trading during the A.Y. 2015-16. Notices under section 148 under un-amended provision was issued on 29.06.2021 and notice under section 148A(b) dated 25.05.2022, notice under section 148A(d) dated 21.07.2022 and notice under section 148 dated 21.07.2022 was issued under amended provision. Thereafter, notice under section 142(1) was issued on 03.05.2023 and 11.05.2023 requesting the assessee to provide details of dividend income received during the F.Y. 2014-15 and also show-caused w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... accordingly the final reassessment order dated 09/03/2024 and the DRP order dated 19/02/2024 deserves to be quashed." 5. Learned Authorized Representative for the assessee placed reliance on the Supreme Court decision in the case of National Thermal Power Corporation vs. CIT (1998) 229 ITR 383 (SC) and the order of Hon'ble ITAT, Mumbai Benches in ITA No.4812/Mum/2024 and Ors. order dated 07.11.2024 on similar facts decided in favour of the assessee. 6. Learned Departmental Representative for the department of Revenue relied on the order of Mumbai Benches. 7. From examination of record in light of aforesaid rival contentions, the undisputed facts of ITA No.4812/Mum/2024 and assessee's case are as under: Particulars Mum. Trib. Order As ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 06/2021. The direction of Shri Ashish Agarwal will extent to all re-assessment notice issued in old regime i.e. from 01/04/2021 to 30/06/2021 and finally Court held that ld. AO was required to issue reassessment notice u/s. 148 under the new regime within the time limit surviving u/s. 148 of the Income Tax Act r.w. TOLA. Thus, in all such instances for the relevant assessment years under question the time limit was extended only up to 30/06/2021 for issuance of notice u/s. 148. 16. Now here in this case as noted above for A.Y.2013-14 after 148A (b), notice u/s. 148 was issued on 29/07/2022; for A.Y. 2014-15 it was issued on 31/07/2022; and for A.Y.2015-16 it was issued 28/07/2022. Thus, in all these years as noted above the original time ..... X X X X Extracts X X X X X X X X Extracts X X X X
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