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A notice under Section 148-A(b) of the Income Tax Act, 1961 was issued to the assessee, stating that income had escaped assessment under the provisions of Section 147, regarding sale, purchase of properties and contractual receipts.
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The Court stated that TOLA will continue to apply to the Income Tax Act after 1-4-2021 if any action or proceeding specified under the substituted provisions of the Income Tax Act falls for completion between 20-3-2020 and 31-3-2021.
Documents relating to proof of deduction under Section 54F of the Act; Bank statement showing payment for above deduction; Statement justifying sale consideration; Working of capital gain were all furnished by the assessee.
‘Although Genpact had alluded to the amended statutory regime that had come into existence and had informed the AO of the obligation to follow the procedure under Section 148A, no legal challenge was instituted to impugn the action commenced by notice dated 30-06-2021.’
“There is no dispute regarding explanation given under Section 148 regarding information that can be relied upon by the Assessing Officer to reopen assessment of escaped income.”
The Court quashed the notice of reassessment issued on 31-3-2023 as it surpassed the ten-year block as prescribed u/S first provision to Section of 148(1) of the Income Tax Act, 1961.
Supreme Court: The bench of MR Shah* and BV Nagarathna, JJ has modified the order passed by the Allahabad High Court wherein
Delhi High Court: A Division Bench of the Delhi High Court upheld the notice of the IT department proposing reassessment for NDTV