The assessee filed writ petition to quash the reassessment proceedings which were initiated after the expiry of four years. Allowing the petition, the Court held that the Assessing Officer issued notice under section 148 beyond period of four years from end of assessment year and satisfaction under section 151 had been issued by Joint Commissioner, as satisfaction should have been of either Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner in accordance with section 151(1) of the Act. Notice issued under section 148 and order disposing the objection was quashed. Followed J. M. Financial and Investment Consultancy Services (P.) Ltd. v. Asstt. CIT (2022) 215 DTR 98/ 327 CTR 458 /(2023) 451 ITR 205 (Bom)(HC). Notice is issued in SLP filed by the Revenue. (AY. 2015-16)
Dy. CIT v. Thirdware Solution Ltd. (2024) 297 Taxman 8 (SC) Editorial: Thirdware Solution Ltd v. Dy.CIT(2023) 146 taxmann.com. 364 (Bom)(HC)
S. 151 : Reassessment-Sanction for issue of notice-After the expiry of four years-Sanction was issued by Joint Commissioner-Notice and order disposing the objection is quashed and set aside-Notice is issued in SLP filed by the Revenue. [S. 147, 148, 151(1), 151(2), Art.136]