Amendment of section 151A.
45. In section 151A of the Income-tax Act, in sub-section (1), in the opening portion, after the words and figures \"issuance of notice under section 148\", the words, figures and letter \"or conducting of enquiries or issuance of show-cause notice or passing of order under section 148A\" shall be inserted.
","words":54,"text_source":"published"},"classification":[],"instruments":[],"judgments":[{"cnr":"SCIN010030612023","order":"order-161.pdf","title":"Union of India vs Rajeev Bansal","court":"SC","court_name":"Supreme Court of India","date":"2024-10-03","citation":"2024 INSC 754","precedential_value":"Binding (SC) - Landmark constitutional and statutory interpretation decision aff","court_marking":"reportable","ratio_decidendi":"TOLA continues to apply to the Income Tax Act after 1 April 2021 where reassessment notice time limits fall for completion between 20 March 2020 and 31 March 2021. The extended time limit provided by TOLA (till 30 June 2021) is available to the Revenue to complete reassessment proceedings initiated under the old regime if those proceedings are deemed to be reassessment proceedings under the new regime. Reassessment notices issued under Section 148 of the new regime in pursuance of deemed notices issued between 1 April 2021 and 30 June 2021 must be issued within the surviving time limit (time remaining between the notice issuance date and 30 June 2021 after accounting for stays and exclusions). Notices issued beyond the surviving time limit are time-barred and invalid. The first proviso to Section 149 of the new regime bars reassessment for assessment years beginning on or before 1 April 2021 if the notice could not have been issued under old regime's Section 149(1)(b) time limits. The legal fiction created in Ashish Agarwal, treating old regime notices as new regime show-cause notices, operates to preserve reassessment proceedings while affording assesses the benefit of new regime's protective features and substantive limitations on reassessment.","applied_to_this_section":"Substituted the entire reassessment scheme effective 1 April 2021. Key changes: (a) reduced ordinary time limit from 4 years to 3 years; (b) increased threshold for extended period from Rs. 1 lakh to Rs. 50 lakhs; (c) introduced new procedure requiring prior approval at multiple stages; (d) introduced show-cause notice procedure under Section 148A with opportunity of hearing; (e) amended sanctioning authorities under Section 151. Also issued notifications extending TOLA deadlines.","basis":"cited","decided_under":null,"url":"https://ecourtsindia.com/cnr/SCIN010030612023/order-161"}],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2021/section/45/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}