Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
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Section 148A requires the Assessing Officer to follow the prescribed sequence before issuing a reassessment notice under section 148. Where approval has been obtained to conduct an inquiry under section 148A(a), the Officer must conduct that inquiry before providing the taxpayer an opportunity to respond under section 148A(b). The text states that bypassing the approved inquiry renders the section 148A(b) notice invalid. Consequently, the subsequent order under section 148A(d) and notice under section 148 are also unsustainable. The reassessment proceedings were quashed, with the matter remitted for the required inquiry and further action in accordance with law.
Section 148A requires the Assessing Officer to follow the prescribed sequence before issuing a reassessment notice under section 148. Where approval has been obtained to conduct an inquiry under section 148A(a), the Officer must conduct that inquiry before providing the taxpayer an opportunity to respond under section 148A(b). The text states that bypassing the approved inquiry renders the section 148A(b) notice invalid. Consequently, the subsequent order under section 148A(d) and notice under section 148 are also unsustainable. The reassessment proceedings were quashed, with the matter remitted for the required inquiry and further action in accordance with law.
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