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30. Bipinkumar Girdharlal Parekh v. ACIT
(2026) 187 taxmann.com 904 (Guj.)
A. Y. 2021-22: Date of order 15th June 2026
S. 148 r.w.s. 149 and 152 of ITA 1961
Re-opening of assessment — Initiated pursuant to search in the case of another Company and Group — Search conducted on 18th June 2023 — Incriminating material found — 148A(1) Notice issued upon the assessee 31st March 2025 — 148A(3) order passed and notice u/s. 148 issued for re-opening the assessment on 19th May 2025 — Since search was conducted on 18th November 2023, provisions of section 147 to 151 as they stood prior to commencement of Finance (No.2) Act, 2024 applied by virtue of section 152 — Alleged escapement of income below Rs. 50 lakhs — Section 149(1)(a) applied — Since 148 notice issued beyond three years, re-opening of assessment liable to be quashed.
The assessee is engaged in the business of transportation and has a business relationship with DCW Ltd. wherein it hires trucks and offers it for transportation. The assessee filed its return of income for AY 2021-22 on 14/12/2021 declaring total income at Rs. 38,51,910. The return of income was processed u/s. 143(1) of the Income-tax Act, 1961.Read More
