OMKAR RAMCHANDRA VELHAL,KOLHAPUR vs. INCOME TAX OFFICER, WARD 1(1), KOLHAPUR, KOLHAPUR
आयकर अपीलीय अिधकरण ”एस एम सी” Ɋायपीठ पुणेमŐ।
IN THE INCOME TAX APPELLATE TRIBUNAL
PUNE BENCHES “SMC” :: PUNE
BEFORE SHRI VINAY BHAMORE, JUDICIAL MEMBER
AND DR.DIPAK P. RIPOTE, ACCOUNTANT MEMBER
आयकर अपील सं. / ITA No.672/PUN/2025
िनधाᭅरण वषᭅ / Assessment Year: 2015-16
Omkar Ramchandra Velhal,
Plot No.183/3, Omkar Near
Ganga
Hospital,
A Ward
Dudhali, Kolhapur – 416012. Maharashtra.
V s
The Income Tax Officer,
Ward-1(1), Kolhapur.
PAN: ASIPV6553D
Appellant/ Assessee
Respondent / Revenue
Assessee by None
Revenue by Shri Aknath Abhang – Addl.CIT(DR)
Date of hearing
23/07/2025
Date of pronouncement 31/07/2025
आदेश/ ORDER
PER DR. DIPAK P. RIPOTE, AM:
This is an appeal filed by Assessee against the order of ld.Commissioner of Income Tax(Appeal)[NFAC], passed under section 250 of the Income Tax Act, 1961 for the A.Y.2015-16 dated
21.01.2025, emanating from order u/s.147 read with section 144B of the Income Tax Act, 1961, dated 31.01.2023. The Assessee has raised following grounds of appeal :
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“1. Reopening of the Assessment under Section 147 On the facts and in the circumstances of the case and in law, the Assessing Officer has erred in initiating sec. 148A/148 proceedings vide corresponding notice dated 22.03.2023; it emerges at the outset that the only addition made herein is of Rs.20,00,000/-i.e., less than the prescribed amount of Rs.50
lakhs or more, u/sec. 149(1)(b), as amended vide Finance Act, 2021
w.e.f. 01.04.2021. 2. Juri iction: The assessment order passed by the NFAC is invalid and beyond its juri iction, as the reassessment proceedings were initiated by the juri ictional Assessing Officer. The entire reassessment proceedings may kindly be quashed
Addition of Rs.20,00,000/- on Account of Unexplained Receipts
The learned AO erred in treating the amount received from Shri.
Bakare of Rs 20,00,000 as unexplained credits under Section 68. The appellant states that the money received from Shri. Nikhil Vijay Bakare as unsecured loan was repaid and Affidavit regarding the same was submitted by the appellant. Therefore, the addition may be deleted.
The appellant craves leave to add to, amend, after, modify or delete the above grounds of appeal or to add a new ground of appeal before or at the time of hearing.”
Submission of ld.AR :
At the outset of hearing, no one appeared on behalf of the Assessee.
Submission of ld.DR :
The ld.DR for the Revenue relied on the order of the Assessing Officer and ld.CIT(A).
Findings & Analysis :
We have heard both the parties and perused the records. In this case, notice u/s.148 was issued on 31.03.2022 for A.Y.2015-16. ITA No.672/PUN/2025 [A]
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Copy of the said notice has been submitted by the ld.DR for the Revenue. Order U/s.148A(d) was passed on 30.03.2022. 4.1 Before the Hon’ble Supreme Court in the case of UoI Vs.
Rajeev Bansal 469 ITR 46(SC), Mr.N.Venkataraman, learned
Additional Solicitor General of India, made the following submissions on behalf of the Revenue:
Quote, “a. Parliament enacted TOLA as a free-standing legislation to provide relief and relaxation to both the assesses and the Revenue during TOLA seeks to relax actions and proceedings that could not be completed or complied with within the original time limits specified under the Income-tax Act, b. Section 149 of the new regime provides three crucial benefits to the assesses: (1) the four-year time limit for all situations has been reduced to three years; (ii) the first proviso to Section 149 ensures that re-assessment for previous assessment years cannot be undertaken beyond sic years; and (iii) the monetary threshold of Rupees fifty lakhs will apply to the re assessment for previous assessment years; f.
The Revenue concedes that for the assessment year 2015-16, all notices issued on or after 1 April 2021 will have to be dropped as they will not fall for completion during the period prescribed under TOLA;” Unquote.
2 Thus, the Ld.Additional Solicitor General of India submitted before the Hon’ble Supreme Court that for A.Y.2015-16 all the notices issued after 01/4/2021 will have to be dropped.
3 In the case under consideration, we have already mentioned that the initial notice u/s.148 was issued 31.03.2022, which is after
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01/04/2021. Thus, as submitted by Ld.ASG the proceedings initiated for A.Y.2015-16 after 01/04/2021 needs to be dropped.
The Hon’ble Supreme Court in the decision of Deepak Steel and Power Limited Vs. CBDT [2025] 174 taxmann.com 144 (SC) vide order dated 2nd April, 2025 has held as under : “5. As the revenue made a concession in the aforesaid decision that is for the assessment year 2015-2016, all notices issued on or after 1st April, 2021 will have to be dropped as they would not fall for completion during the period prescribed under the taxation and other laws (Relaxation and Amendment of certain Provisions Act, 2020). Nothing further is required to be adjudicated in this matter as the notices so far as the present litigation is concerned is dated 25.6.2021.”
The Hon’ble Delhi High Court had considered this issue in the case of Pratishta Garg Vs. ACIT WP(C) 16878/2024 order dated 19/12/2024. The relevant paragraphs of the order of the Hon’ble Delhi High Court is reproduced here as under : Quote, “1. The petitioner has filed the present petition, inter alia, praying asunder:
"A. Issue a writ in the nature of Certiorari to quash the impugned notice dated 22.06.2021 issued under section 148 of the Act, and the consequential notice 25.05.2022 issued under section 148A(b) of the Act; the impugned order dated 19.07.2022 passed under section 148A(d) of the Act and the impugned notice dated 19.07.2022 issued under section 148 of the Act in the case of the petitioner for AY 2015-
16;
D. Issue any other Writ, order, or Direction which this Hon'ble Court may deem fit and proper in the facts and circumstances of the case, and E. To allow the writ petition with cost in favor of the Petitioner and against the Respondent."
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Learned counsel for the Revenue fairly states that the prayers made by the petitioner are required to be allowed as the same are covered by the concession made by the Revenue before the Supreme Court in Union of India and Others vs. Rajeev Bansal: 2024 SCC OnLine SC 2693, 2024 INSC 754, as recorded in paragraph 19 (f) of the said decision. He also submits that the Coordinate Bench of this Court had, after noting the aforesaid concession, allowed a similar petition Ibibo Group Pvt. Ltd. vs. Assistant Commissioner of Income Tax Circle: W.P.(C) 17639/2022 by order dated 13.12.2024. 3. It is relevant to note paragraph 19 (e) and (f) of the decision of the Supreme Court in Union of India and Others vs. Rajeev Bansal, 2024 SCC OnLine SC 2693. The same are set out as under:
"(e) The Finance Act, 2021 (2021) ((2021) 432 ITR (Stat) 52) substituted the fold regime for reassessment with a new regime. The first provisio to section 149 does not expressly bar the application of Taxation and other Laws (Relaxation and Amendment of Certain
Provisions) Act, 2020, Section 3 of the Taxation and other Laws
(Relaxation and Amendment of Certain Provisions) Act, 2020 applies to the entire Income-tax Act, including sections 149 and 151 of the new regime. Once the first proviso to section 149(1)(b) is read with Taxation and other Laws (Relxation and Amendment of Certain Provisions) Act,
2020, then all the notices issued between April 1, 2021 and June 30,
2021 pertaining to the assessment years 2013-2014. 2014-2015, 2015-
2016, 2016-2017, and 2017-2018 will be within the period of limitation as explained in the tabulation below :
Assessment
Year
Within Years Expiry of Limitation read with TOLS for (2) (3)
Within Six
Years
(4)
Expiry of Limitation read with TOLA for (4) (5)
2013-2014 31.03.2017
TOLA not applicable;
31.03.2020 30.06.2021
2014-2015 31.03.2018
TOLA not applicable.
31.03.2021 30.06.2021
2015-2016 31.03.2019
TOLA not applicable;
31.03.2022 TOLA not applicable.
2016-2017 31.03.2020
TOLA not applicable.
31.03.2023 TOLA not applicable.
2017-2018 31.03.2021
TOLA not applicable.
31.03.2024 TOLA not applicable.
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(f) The Revenue concedes that for the assessment year 2015-2016, all notices issued on or after April 1, 2021 will have to be dropped as they will not fall for completion during the period prescribed under the Taxation and other Laws (Relaxation and Amendment of Certain
Provisions) Act, 2020."
In view of the aforesaid, the impugned order dated 19.07.2022 issued under Section 148(A)(d) of the Income Tax Act, 1961 (hereafter the Act) as well as the notice dated 19.07.2022 issued under Section 148 of the Act in respect of AY 2015-16 are liable to be set aside. It is so directed.
The petition is allowed in the aforesaid terms.
Pending application also stands disposed of.”,Unquote.
1 Similarly, Hon’ble Delhi High Court in the case of Neera Gupta Vs. ITO WP(C) 17352/2024 vide order dated 17/12/2024 allowed the petition of the assessee.
The facts of the Pratishta Garg case(supra) and Neera Gupta Case (supra) are identical to the assessee under consideration. Similarly, the facts of the case Deepak Steel and Power Limited(supra) are identical to the facts of the present assessee’s case.
No decision of Hon’ble Juri ictional High Court has been brought to our notice.
1 Therefore, respectfully following the decisions of Hon’ble Supreme Court(supra), Hon’ble Delhi High Court(supra) and the ITA No.672/PUN/2025 [A]
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submission made by Ld.Additional Solicitor General before Hon’ble
Supreme Court, the Order u/s.148A(d) and the notice u/s.148 are quashed.
As per the order u/s.148A(d), the Assessing Officer-ITO, Ward-1(1), Kolhapur has stated that Income to the extent of Rs.1,30,00,000/- has escaped assessment for A.Y.2015-16. The relevant paragraph 6 and 7 of the order us/.148A(d) are reproduced here as under : “6. I have therefore reason to believe that income to the extent of Rs.1,30,00,000/- has escaped assessment for A.Y.2015-16, within the meaning of sec. 147 read with provision and explanation to the said section and it is evident that this is a fit case made out for issue of notice u/s 148 rw.s. 151 of the I.T. Act, 1961 for the A.Y.2015-16 to assess income in the case
In this case, more than three years have been elapsed from the end of the assessment year under consideration and the quantum of income chargeable to tax represented in the form of asset, which has escaped assessment, is above Rs. 50 lakhs the approval is sought from the specified authority u/s.151 i.e. Pr. CCIT, Pune. Therefore, an approval of the Pr. CCIT Pune to re-open the assessment u/s.147/148 of the Act, is sought u/s.148A(d) & subsequent issue of notice u/s.148 for A.Y.2015-16 in the present case, if approved.”
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10. In the paragraph 3 of the impugned order u/s.148A(d), the ITO has reproduced information which was available on Insight Portal.
The same is reproduced here as under :
TDS-
194IA
(P)
TDS
Statement
–
Payment of consideration for purchase of immovable property
(Section 194IA)
OMKAR
RAMCHANDRA
VELMAL
1
Amount paid or credited
65,00,000
AIR-006
Purchased immovable property valued at Rs
30,00,000 or more
JT
SUB