2023 (8) TMI 1119

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...."a) Quash the Impugned Order dated 08.04.2022 passed by the Respondent U/s. 148A(d) of the Income Tax Act, 1961; b) Quash the Impugned Final Notice dated 08.04.2022 issued by the Respondent U/s. 148 of the Income Tax Act, 1961; c) Quash the Impugned Corrigendum dated 01.04.2022 issued by the Respondent under the Act; d) Quash the Impugned Show Cause Notice dated 25.03.2022 issued by the Respondent U/s. 148A(b) of the Income Tax Act, 1961; e) Pass any other and further order(s), as this Hon'ble Court may deem fit and proper in the facts and circumstances of the present case." 2. The issue involved in this writ petition was crystallized on 30.05.2022 in following terms: "Present writ petitio....

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....ovided any details regarding the reinvestment of the amount. Pursuant to this the Petitioner filed the deed of purchase of residential property and proof of investment made in bonds. However, in the order dated 8th April, 2022, the Assessing Officer states that the Petitioner has not disclosed the consideration received by her from sale of immovable property and thus the capital gain on the transaction remained undisclosed. It also states that the assessee has not provided the sale deed of the property that was sold for Rs. 3,38,33,333/- to verify the sale consideration that was declared by the petitioner and that the assessee has not provided any bank account statement to support her claim under Section 54 of the Act with regards to the pa....

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.... and according to her Income Tax Return for the Assessment Year 2018-19, total long-term capital gain shown was Rs. 44,16,750/- after deduction of Rs. 2,43,87,500/- under Section 54 and Rs. 25,00,000/- under Section 54EC of Income Tax Act but no details had been made available regarding reinvestment of the amount claimed for deduction under Section 54 of the Act, thereby the petitioner was called upon to show-cause whey Rs. 2,43,87,500/- be not taken as her income from capital gain and be taxed after issuing notice under Section 148 of the Act for escapement of income. 3.2 Accordingly, petitioner submitted a detailed reply dated 28.03.2022 to the said notice under Section 148A(b) of the Act, thereby asserting that all details and particu....