February 2019

Time limit for issuing notice u/s. 148 Amendment to section 149 by Finance Act, 2012, which extended limitation for reopening assessment to sixteen years, could not be resorted for reopening proceedings concluded before amendment became effective

K. B. Bhujle
Advocate

50. Brahm Datt vs. ACIT; [2018] 100 taxmann.com 324 (Delhi) Date of order: 6th December, 2018 A. Y. 1998-99 Section 149 of ITA and Finance Act, 2012

 

Time limit for issuing notice u/s. 148 Amendment to section 149 by Finance Act, 2012, which extended limitation for reopening assessment to sixteen years, could not be resorted for reopening proceedings concluded before amendment became effective

 

The assessee was a senior citizen aged about 84 years. From A. Ys. 1984-85 to 2003-04, he was a non-resident/not ordinarily resident of India. He was previously working and residing in foreign countries, viz; Jordan and Iraq and while so, he derived income primarily from salary and professional receipts. The assessee during the course of search clarified that he did not maintain any foreign bank account in his personal capacity, he, however had contributed an amount of approximately US$ 2-3 million at the time of settling of the offshore Trust, when he was a non-resident, out of his income earned from sources outside India. The revenue primarily relying upon his statement, issued impugned notice dated 24/03/2015 u/s. 148 of the Income-tax Act, 1961 seeking to initiate reassessment proceedings for A. Y. 1998-99, on the suspicion that the, income of the assessee had escaped assessment. The Assessing Officer rejected the assessee's contention that lim

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