2022 (7) TMI 962

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....n of income for the Assessment Year 2015-2016. As per NMS information in the Insight Portal various transactions are noticed and in respect of the said transactions details were sought to be filed on or before 25.03.2022. In response to the same, the petitioner submitted her response on 24.03.2022 seeking two weeks time to collate the said details. Thereafter, the respondent issued a show cause notice under Section 148 A (b) of the IT Act, dated 26.03.2022 to show cause on or before 31.03.2022 as to why a notice under Section 148 of the IT Act should not be issued. In response to the same, the petitioner on 31.03.2022 had sought for time as the details are being collected from the bankers and it takes time since the details pertains to very....

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....ened fresh deposits in Chennai Indian Overseas Bank. The sale and purchase of equity share in recognised stock exchange stated that the sale of shares are out of the holdings for more than 12 months, which is exempted in terms of Section 10 (38) of the IT Act, 1961. 4. The petitioner submitted that the respondent failed to consider the petitioner's reply as per Section 149 (1) (a) of the IT Act, no notice under Section 148 of the IT Act shall be issued beyond three years if the income chargeable to tax, which has escaped assessment is below Rs.50,00,000/-. In the present case, it can be seen from the reply, dated 11.04.2022 that the income which has escaped assessment is less than Rs.50,00,000/-, which clearly prove that the respondent....

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....lue of transactions during the financial year 2014-2015. S.No. Information description Value (Rs.) 1 Received interest other than interest on securities 58,197 2 Time deposit exceeding Rs.2,00,000/- with a banking company 65,54,036 3 Received interest other than interest on securities 48,423 4 Sale of equity share in a recognised stock exchange 14,86,577 5 Purchase of equity share in a recognised stock exchange 12,57,290 6 Received interest other than interest on securities 4,77,111 7 Time Deposit exceeding Rs.2,00,000/- with a banking company 31,13,262 8 Sale of equity share in a recognised stock exchange 49,312 On Verification of the records, it was found that the petitioner had not filed the return of income f....

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....der Section 148 of the Income Tax Act was also issued on 19.04.2022 for the assessment year 2015-2016. It was found that the necessary documents, which the petitioner stated to have submitted on 11.04.2022 is not available. With regard to the petitioner's submission on the merits of the case stated that the time deposits were made out of the renewal from the old existing bank fixed deposits. 10. The sale and purchase of equity shares were out of the holding for more than 12 months, which were exempted under Section 10 (38) of the IT Act. The same was not available in the case history and hence it could not be considered. The petitioner was given an opportunity to furnish the submissions on or before 31.03.2022 vide notice under Section....