https://www.taxtmi.com/caselaws?id=311666 The Rajasthan HC upheld the validity of reassessment proceedings under Section 147/148 of the Income Tax Act. The court rejected the petitioner's challenge to the Section 148A(d) order, finding that transaction details were available in the taxpayer's annual summary report. The limitation period argument failed as escaped income exceeded Rs. 50 lakh threshold at Rs. 1,84,45,194. The court ruled that since Section 148A(b) notice was issued before the Ministry of Finance notification dated 29.03.2023, the subsequent Section 148 notice was valid. The petition was dismissed. en-us Fri, 04 Aug 2023 00:00:00 +0530 Thu, 24 Oct 2024 10:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311666 The Rajasthan HC upheld the validity of reassessment proceedings under Section 147/148 of the Income Tax Act. The court rejected the petitioner's challenge to the Section 148A(d) order, finding that transaction details were available in the taxpayer's annual summary report. The limitation period argument failed as escaped income exceeded Rs. 50 lakh threshold at Rs. 1,84,45,194. The court ruled that since Section 148A(b) notice was issued before the Ministry of Finance notification dated 29.03.2023, the subsequent Section 148 notice was valid. The petition was dismissed. Case-Laws Income Tax Fri, 04 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311666