2022 (9) TMI 41

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....nt writ petition has been filed challenging the order passed under Section 148A(d) of the Income Tax Act, 1961 ('the Act') as well as the notice issued under Section 148 of the Act both dated 30th July, 2022 for the Assessment Year (AY) 2017-18. 2. Learned counsel for the petitioner states that the petitioner is a company engaged in the business of sale and purchase of properties and it had filed its return of income on 15th January, 2018 for the AY 2017-18 declaring an income of Rs.16,36,874/-. She states that the Petitioner was issued a letter dated 25th May, 2022 in terms of the judgment of the Supreme Court in the case of Union of India v. Ashish Agarwal Civil Appeal No. 3005/2022 providing the information on the basis of which the inc....

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....ed 30th July, 2022 under Section 148A(d) of the Act, rejecting the contentions of the Petitioner stating that the amount of Rs.56,00,000/- (consideration received against the property) was not accounted for and the same had escaped income. She points out that in the show cause notice issued under Section 148A(b) of the Act, there was no allegation against the Petitioner requiring it to account for the receipt of Rs.56,00,000/- and moreover, the Petitioner had disclosed the fact of the sale of the property for a consideration of Rs.56,00,000/- as a part of its turnover on the basis of which the penalty under Section 271D of the Act had been levied on the Petitioner by the authorities. She also relies upon the reply to the show cause notice d....