2023 (1) TMI 722

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....er 'the impugned notice'). 2. In terms of the impugned notice dated 22.07.2022, the petitioner was called upon to furnish his return for the Assessment Year 2016-17 within a period of thirty days for re-assessment of the income. 3. The proceedings to initiate re-assessment of the petitioner's income chargeable to tax for the Assessment Year 2016-17 had commenced by way of a notice dated 20.04.2021 issued under Section 148 of the Act. 4. Although the said notice was issued under the pre-amended provision (as in force prior to 01.04.2021), the said notice is now required to be considered as a notice under Section 148A(b) of the Act as currently, in force, by virtue of the decision rendered by the Supreme Court in Union of India & Ors. vs. ....

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....ecision of the Supreme Court in Union of India & Ors. vs. Ashish Agarwal (supra), was required to be construed as a notice under Section 148A(b) of the Act. 8. Paragraph 3 of the said notice is relevant and reads as under: "3. In this case information has been pushed through Insight Portal by the Directorate Systems that you have entered into significant financial transactions i.e. the sold an immovable property at Rs.1,93,90,900/- and has received cash of Rs. 12,19,500/-. On perusal of the return of income as per system, it is noted that you have declared taxable income of Rs.10,88,190/- but you have not shown capital gain on Rs.1,93,90,000/- in the ITR. Hence, the above information suggests that the above amount of Rs. 1,93,90,000/- al....