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TMI Blog2025 (1) TMI 238X X X X Extracts X X X X X X X X Extracts X X X X ..... Shri Vijay B. Vasanta, CIT-D.R. ORDER PER VIMAL KUMAR, JM: 1. The appeal filed by assessee challenging the final Assessment order under section 147 read with section 144C(13) of the Income Tax Act, 1961 [hereinafter referred to as the Act ] dated 09.03.2024 of the Dy. Commissioner of Income Tax, Circle Int. Tax 2(2)(2) [hereinafter referred as ( Ld. AO )] in pursuance 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 notic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dings u/s. 147 under the Amended Provisions w.e.f. 1st April, 2021 for the A.Y.2015-16 as per section 149(1) read with 1st Proviso was up to 31st March, 2022, thus the notices issued u/s. 148A(b), dated 25/05/2022 and the order dated 21/07/2022 passed u/s. 148A(d) including the foundation jurisdiction notice dated 21/07/2022 issued u/s. 148 were time barred, 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Income Tax Act; Similarly, TOLA will extend the time limit for grant of sanction by the authorities specified u/s. 151 and if the time limit of three years falls between 21/03/2021 and 31/03/2021 then the specified authority u/s. 151(i) has extended time limit till 30/06/2021. 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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