S. 148 : Reassessment – Notice – Section 148 notices issued by the Assessing Officers shall be deemed to have been issued under Section 148A as substituted by the Finance Act, 2021 and to be treated as show¬ cause notices in terms of Section 148A(b) of the Act -The Assessing Officers shall, within 30 days from 04-05-2022, provide the information and material relied upon so that the assessees can reply to the notices within two weeks thereafter. [S. 148A(b), 149, Art. 142]

Allowing the appeal of the revenue the Court held that the Notices under section 148 of the Income-tax Act, 1961 (Act) which were the subject matter of writ petitions before the various respective High Courts shall be deemed to have been issued under section 148A of the Act or treated to be show-cause notices in terms of section 148A(b).

The assessing officer within thirty days from the date of the Order should provide to the respective assessees information and material relied upon by.

Further held that, the requirement of conducting any enquiry, if required, with the prior approval of specified authority under section 148A(a) of the Act is dispensed with as a onetime measure and the assessing officers shall thereafter pass orders in terms of section 148A(d) of the Act in respect of each of the concerned assesses.

Also held that all defences which may be available to the assesses including those available under section 149 of the Act and all rights and contentions which may be available to the concerned assessees and Revenue under the Finance Act, 2021 and in law shall continue to be available. (CA No. 3005/2022 dt. 4-5-2022 )

UOI v. Ashsih Agarwal (SC) www.itatonline.org
(Coram : Hon’ble Mr. Justice M.R. Shah & Hon’ble Mrs. Justice B.V. Nagarathna)