Assessee filed Writ Petitions and submitted that all these petitions will be covered by judgment of New India Assurance Co. Ltd. v. ACIT [2024] 158 taxmann.com 367 (Bom)(HC) \u00a0wherein it was held that, a notice, which had become time barred prior to 1-4-2021 as per then prevailing provisions, would not be revived by virtue of application of section 149(1)(b) effective from 1-4-2021, hence, reassessment proceedings initiated pursuant to judgment in Union of India v. Ashish Agarwal [2022] 138 taxmann.com 64\/286 Taxman 183\/444 ITR 1 (SC) would also be regarded as beyond time limit. Revenue agreed with submissions of assessee. High Court\u00a0 held that orders passed under section 148A(d) and notices issued under section 148 in respective petitions were to be quashed and set aside. On SLP the Court held that\u00a0\u00a0 issue involved in SLP was s covered in UOI\u00a0 v. Rajeev Bansal [2024] 167 taxmann.com 70\/301 Taxman 238 (SC). SLP filed by revenue against\u00a0 order of High Court was disposed of. The Assessing Officer will dispose of the objections in terms of law laid down by the apex court in\u00a0 Rajeev Bansal (Supra). The assessee is given liberty to pursue all the rights and remedies in accordance with law.\u00a0\u00a0 \u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 148A: Reassessment-Conducting inquiry, providing opportunity before issue of notice-The issue involved in SLP was covered in UOI v. Rajeev Bansal [2024] 167 taxmann.com 70\/301 Taxman 238 (SC)-SLP filed by revenue against order of High Court was disposed of-The Assessing Officer will dispose of the objections in terms of law laid down by the apex court in Rajeev Bansal (Supra).The assessee is given liberty to pursue all the rights and remedies in accordance with law.[S. 148, 148A(b)), 148A(d), 149, Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020, S. 3, Art. 136] <\/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-55971","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-eyL","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/55971","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=55971"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/55971\/revisions"}],"predecessor-version":[{"id":55972,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/55971\/revisions\/55972"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=55971"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=55971"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=55971"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}