Income Tax Officer vs Ankit Agarwal (HUF)

PER YOGESH KUMAR, U.S. JM:

The present appeal is filed by the Revenue against the order of Ld. Commissioner of Income Tax (Appeals/ National Faceless Appeal Centre (‘Ld. CIT(A)/NFAC’ for short), New Delhi dated 28/10/2024 for the Assessment Year 2015-16.

The grievance of the Revenue is against the order of the Ld. CIT(A) wherein the Ld. CIT(A) vide order impugned by relying on the ratio laid down by the Hon'ble Supreme Court in the case of Rajeev Bansal v. Union of India [2023] 147 taxmann.com 549/453 ITR 153, quashed the assessment order.

We have heard both the parties and perused the material available on record. The impugned assessment order pertaining to Assessment Year 2015-16 passed u/s 147 read with section 144B of the Income Tax Act, 1961 ('Act' for short). It is It is not settled law that the notice issued u/s 148 of the Income Tax Act, 1961 for the Assessment Year 2015-16 is barred by limitation as per the provisions of Section 149 of the Income Tax Act, 1961 and TOLA was not applicable in respect of the notice issued under Section 148 of the Act for Assessment Year 2015-16 on or after 1 April 2021, as conceded by the revenue itself in Para 19 of Judgment of Hon'ble Supreme Court in the case of UOI Vs. Rajeev Bansal (2024) 167 taxmann.com 70). In view of the above, we find no reason to interfere with the findings and the conclusion of the Ld. CIT(A) in allowing the Appeal of the Assessee. Accordingly, the Grounds of Appeal of the Revenue is dismissed as meritless.

In the result, Appeal of the Revenue is dismissed.