On a writ petition challenging the order passed under section 148A(d) of the Income-tax Act, 1961 and the notice dated July 30, 2022 issued under section 148 for the assessment year 2013-14 on the ground that it was barred by limitation, and the validity of Instruction No. 1 of 2022 dated May 11, 2022 ([2022] 444 ITR (St.) 43) issued by the Central Board of Direct Taxes, the High Court held that since the time for issuance of reassessment notice for the assessment year 2013-14 stood extended until June 30, 2021 by section 3 of the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 and the income alleged to have escaped assessment was beyond Rs. 50 lakhs, the first proviso to section 149 (as amended by the Finance Act, 2021) was not attracted and even without the benefit of Instruction No. 1 of 2022, dated May 11, 2022 the notice under section 148 was within limitation. SLP of assessee is dismissed.(AY.2013-14)
Salil Gulati v. Asst. CIT (2023)455 ITR 29/ 293 Taxman 75 (SC) Editorial : Salil Gulati v. ACIT (2023)455 ITR 24/ 150 taxmann.com 49 (Delhi)(HC), affirmed.
S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Limitation-Extension of time limit for issuance of notice until 30-6-2021-Income escaping beyond 50 lakhs-Notice not barred by limitation-SLP dismissed. [S. 147, 148, 148A(b), 148A(d),149, Taxation And Other Laws (Relaxation And Amendment Of Certain Provisions) Act, 2020, S. 3. Art. 136]