Dismissing the petition the Court held that\u00a0 since the search was conducted on June 9, 2022, in terms of the first proviso to section\u00a0149\u00a0read with unnamended sections\u00a0153A\u00a0and\u00a0153C\u00a0and the amended section\u00a0148, Explanation 2, the Assessing Officer could and had rightly issued notice under section\u00a0148\u00a0of the Act for the assessment year 2013-14. As detailed in the seized documents the loan had been given at the interest rate of 1.5 per cent. per month. However, the enquires conducted by the Investigating Officer revealed that the loans had not been accounted for in the books of account of the assessee-company. Further the assessee-company in its return filed before the Department for the assessment year 2013-14, had declared its liability as nil. All these facts lead to the conclusion that there was no error in the action of the Assessing Officer in issuing the notice under section\u00a0148\u00a0of the Act.\u00a0 Finance Act, 2021 ([2021] 432 ITR (St.) 52). Prior to the amendment, the Assessing Officer in the case of search could assess in respect of six assessment years, but Explanation 1 to section\u00a0153A\u00a0which was inserted with effect from April 1, 2017 by the Finance Act, 2017 ([2017] 393 ITR (St.) 1. (AY.2013-14)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 149 : Reassessment-Time limit for notice-Finance Act, 2021-Search conducted in June, 2022-Relevant assessment year-Notice of reassessment on 31-3-2023 for Assessment Year 2013-14 is valid. [S. 149 153A, 153C, Art. 226] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-47296","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-ciQ","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/47296","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=47296"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/47296\/revisions"}],"predecessor-version":[{"id":47297,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/47296\/revisions\/47297"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=47296"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=47296"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=47296"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}