HERITAGE INVESTMENTS,SOUTH DELHI vs. ASSISSTANT COMMISSIONER OF INCOME TAX , CIVIC CENTRE

P a g e | 1 ITA No.1727/Del/2026 Heritage Investments (AY: 2015-16) IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, DELHI BEFORE SHRI ANUBHAV SHARMA, JUDICIAL MEMBER & SHRI SANJAY AWASTHI, ACCOUNTANT MEMBER

ITA No.1727/Del/2026 (Assessment Year: 2015-16)

Heritage Investments Vs. ACIT, Circle 28(1) 2, Bashir Bagh Lane, Civic Centre Mehraul, Delhi – 110002 Delhi – 110030 स्थायीलेखासं./जीआइआरसं./PAN/GIR No: AAFFH6746R Appellant .. Respondent Appellant by : Sh. Mohit Chaudhary, Adv. Sh. Harish Chaudhary, Adv. Ms. Mithika Chaudhary, Adv. Ms. Rekha Chaudhary, Adv. Respondent by : Sh. Balkrishan Gopal, Sr. DR Date of Hearing 06.07.2026 Date of Pronouncement 15.07.2026

O R D E R PER ANUBHAV SHARMA, JM:

This appeal is preferred by the assessee against the order dated 31.12.2025 of the Ld. National Faceless Appeal Centre (NFAC) Delhi (hereinafter referred as Ld. First Appellate Authority or in short Ld. ‘FAA’) in DIN & Order No: ITBA/NFAC/S/250/2025-26/1084002543(1)

P a g e | 2 ITA No.1727/Del/2026 Heritage Investments (AY: 2015-16) arising out of the assessment order dated 25.05.2023 u/s 147 r.w.s144 r.w.s 144B of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’) passed by Assessment Unit, Income Tax Department, for AY: 2015-16.

P a g e | 3 ITA No.1727/Del/2026 Heritage Investments (AY: 2015-16) issued 23.07.2022. The above chronology is borne out from the departmental records themselves. The notice dated 05.04.2021 specifically records that it has been issued under section 148 for Assessment Year 2015-16. Subsequently, by communication dated 25.05.2022, the Assessing Officer expressly states that in view of the judgment of the Hon'ble Supreme Court in Union of India v. Ashish Agarwal, the notice issued between 01.04.2021 and 30.06.2021 shall be treated as a notice under section 148A(b), and accordingly furnished the information/material relied upon while requiring the Appellant to submit its response. Thus, the reassessment proceedings admittedly originate from the notice dated 05.04.2021, which was issued after 01.04.2021. The controversy stands concluded by paragraph 19(f) of the judgment of the Hon'ble Supreme Court in Union of India v. Rajeev Bansal, (Supra) wherein the learned Additional Solicitor General, appearing on behalf of the Union of India, made the following categorical concession:

“The Revenue concedes that for the Assessment Year 2015-16, all notices issued on or after 1 April 2021 will have to be dropped asthey will not fall for completion during the period prescribed under TOLA.”

P a g e | 4 ITA No.1727/Del/2026 Heritage Investments (AY: 2015-16) 4. Thus the issue raised in the present appeal no longer survives for independent adjudication in the light of law now stands conclusively settled in Rajeev Bansal [spura]. Thus reassessment proceedings relating to Assessment Year 2015-16 initiated on the basis of notices issued on or after 01.04.2021 cannot legally survive. Corresponding ground are sustained. The appeal is allowed and impugned assessment order is quashed.

Order pronounced in the open court on 15.07.2026

Sd/- Sd/- (Sanjay Awasthi) (Anubhav Sharma) ACCOUNTANT MEMBER JUDICIAL MEMBER Dated 15.07.2026 Rohit, Sr. PS Copy forwarded to: 1. Appellant 2. Respondent 3. CIT 4. CIT(Appeals) 5. DR: ITAT ASSISTANT REGISTRAR ITAT NEW DELHI