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TMI Blog2025 (4) TMI 1268X X X X Extracts X X X X X X X X Extracts X X X X ..... sed the following grounds: - 3. Vide application dated 20/02/2025, the assessee has raised the following additional grounds of appeal: - "1. On the facts and circumstances of the case and in law, the notice issued u/s. 148 of the 1. T. Act, 1961 by the Ld. A.O. and the reassessment order passed thereafter is grossly incorrect, invalid and bad-in-law. 2. On the facts and circumstances of the case and in law, the Ld. A.O. has erred by issuing the notice w/s 148 of the I. T. Act, 1961 after the Surviving Time Limit. In this regard, the assessee relies on the judicial decision of Hon'ble Supreme Court in case of Union of India vs. Rajeev Bansal [2024] 167 taxmann.com 70 (SC). The details of notice issued are as follows: Sr. No. Part ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... best judgment basis and assessed the total income of the assessee at Rs. 1,26,88,634 vide order dated 17/05/2023 passed under section 147 read with section 144 of the Act. The learned CIT(A), vide impugned order, dismissed the appeal filed by the assessee. Being aggrieved, the assessee is in appeal before us. 10. During the hearing, the learned AR submitted that for the year under consideration, the limitation period available with the AO under section 149 for issuance of notice under section 148 of the Act was till 31/03/2021, and even if the extension granted by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 ("the TOLA"), in light of the decision of the Hon'ble Supreme Court in Union of India v/s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m 1 May 2021. After accounting for all the exclusions, the assessing officer will have sixty-one days [days between 1 May 2021 and 30 June 2021] to issue a notice under Section 148 of the new regime. This time starts ticking for the assessing officer after receiving the response of the assessee. In this instance, if the assessee submits the response on 18 June 2022, the assessing officer will have sixty-one days from 18 June 2022 to issue a reassessment notice under Section 148 of the new regime. Thus, in this illustration, the time limit for issuance of a notice under Section 148 of the new regime will end on 18 August 2022." 15. Therefore, the surviving/balance time limit can be calculated by computing the number of days between the date ..... X X X X Extracts X X X X X X X X Extracts X X X X
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