Akshay K Mishra & Associates

19/05/2023

RBI to withdraw Rs. 2000 bank notes from circulation

16/09/2022

https://www.linkedin.com/posts/caakshaykumarmishra_mca-amendment-notification-activity-6976406569437544449-LM3i?utm_source=share&utm_medium=member_android

16/09/2022

15/05/2022

05/05/2022

SUMMARY OF SUPREME COURT JUDGEMENT ON 148 CONTROVERSY

Union of India & Ors. Vs Ashish Agarwal (Order date- 04-05-2022)

CIVIL APPEAL NO. 3005/2022

This judgment is applicable to all the assessees who have received notices u/s 148 on or after 01-04-2021 as per old provisions of S.148 i.e. S.148 as it stood prior to 01-04-2021(whether or not a writ has been filed by the assessee). The Apex Court has modified the actions of the AO and accordingly issued following directions -

1. All the notices issued under
unamended section 148 on or after 01-04-2021 shall be deemed to have been issued under section 148A of the IT Act as substituted by the Finance Act, 2021 and treated to be show­cause notices in terms of section 148A(b).

2. The A.O. will have to provide information and material relied upon for reopening within 30 days from 04-05-2022.

3. On receipt of such information and material, the assessee will have to submit a response within 2 weeks

4. On submission of such response, the AO will have to pass an order u/s 148A(d) whether or not it is a fit case to issue a notice under section 148, by passing an order, with the prior approval of specified authority.

5. All the defences which may be available to the assessee under section 149 and/or which may be available under the Finance Act, 2021 and in law and whatever rights are available to the Assessing Officer under the Finance Act, 2021 are kept open and/or shall continue to be available.