Allowing the petition the Court held that the Taxation and Other Laws (Relaxation of Certain Provisions) Act, 2020 would not apply since four years had expired from the end of the relevant A.Y. 2015-16 as provided under section 151(1) of the Income-tax Act, 1961 and it was only the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner who could have accorded the approval for issue of notice under section 148 to reopen the assessment under section 147 and not the Joint Commissioner. Consequently, the notice and the order passed against the objections of the assessee were quashed and set aside. Followed J.M. Financial and Investment Consultancy Services Pvt Ltd v. ACIT(2023) 453 ITR 205 (Bpm)(HC) (AY. 2015-16)
Sidhmicro Equities Pvt. Ltd. v. Dy. CIT (2023)453 ITR 33 (Bom)(HC) Editorial: SLP of Revenue dismissed, Dy.CIT v. Sidhmicro Equities Pvt. Ltd (2023) 453 ITR 35/ 150 Taxman 461 (SC)
S. 151 : Reassessment – After the expiry of four years – Sanction for issue of notice -Sanction of approval by Joint Commissioner and Not by Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner – Notice and order on objections set aside.[S. 147, 148, Art, 226, Taxation and Other Laws (Relaxation of Certain Provisions) Act, 2020]