TaxTMI 
TaxTMI 
TaxTMI 
2023 (10) TMI 564
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....ome Tax Department/Respondent No.4 under Section 147 read with Section 144-B of the Income Tax Act, 1961 whereby and whereby a sum of Rs. 1,20,59,813/- has been assessed as annual income for the Assessment Year 2015-16 and a demand of Rs. 73,12,082/- towards tax has been raised against the petitioner. A challenge to the consequential notice under Section 148 of the Income Tax Act, 1961 dated 26.07.2022 has also been laid. It is the case of the petitioner that he electronically filed his return for the Assessment Year 2015-16 on 01.12.2015 declaring income of Rs. 12,69,380/- The case of the petitioner was taken up for scrutiny under Section 143(3) of the Act and in the course of the assessment proceedings notices under Section 143(2) and 14....
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....he Respondent No.4 issued the intimation to the assessee for completion of the assessment under Section 144-B and Respondent No.4 has issued various notices under Section 142(1) of the Act lastly on 10.04.2023 which were duly replied by the petitioner annexing all the documents i.e. copy of assessment order under Section 143(1) contract note of purchase and sale. The Respondent No.4 in continuation of the proceedings issued show cause notice dated 07.05.2023 to show cause as to why proposed variation should not be made which notice was duly replied by the petitioner vide reply dated 12.05.2023. The Respondent No.4 thereafter has passed the impugned order dated 25.05.2023 under Section 147 read with Section 144-B of the Income Tax Act, 1961.....
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.... chargeable to tax has escaped assessment. Sri Gaurav Mahajan and Sri N. C. Gupta, learned counsels for the Revenue in opposition to the writ petition submit that the objections filed by the petitioner/assessee have been duly considered and the assessing authority has found that it is a fit case to issue notice under Section 148 of the Act. Attention of the Court is invited to the observations made by the Assessing Officer in the impugned order dated 25.05.2023 in the following terms:- 4.5 Point-wise rebuttal of reply of the assessed including analysis of any case law relied upon. The reply of the assessee has been duly considered but not found satisfactory as the case of the assessee has been reopened under Section 147 of the Act on t....
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....ies. Accordingly, the case of the assesses was re-opened u/s 147 of the Act after giving an opportunity u/s 148A(b) of the Act and notice u/s 148 of the Act was issued on 26.07.2022. In compliance to notice u/s 148 of the Act a return of income has been filed by the assessee on 20.08.2022 declaring an income of Rs. 12,69,380/- Accordingly, notices u/s 143(2) and 142(10 of Income Tax Act, 1961 (hereinafter referred to as 'the Act') along with questionnaire/query have been issued. Vide questionnaires u/s 142(1) of the Act dated 06.01.2023, the assessee was requested to file certain details including note on business activity, details of trading in stocks/securities transactions, loans, advances and deposits, secured-unsecured lo....
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....mbarking upon the correctness or otherwise of the information available with the assessing Officer while taking decision under Section 148A(d) of the Act. Reliance has been placed upon a decision of a Coordinate Bench of this Court in Writ (Tax) No.561 of 2023 (Deepak Kumar Yadav Vs. Principal Commissioner of Income Tax and another) decided on 05.05.2023. We have heard learned counsel for the parties and have given our anxious consideration to the rival submissions. We have also perused the records. We find substance in the submissions of Sri Mahajan and Sri Gupta, learned counsel for the Revenue. The Assessing Officer has proceeded to pass an order on 25.05.2023 under Section 148A(d) of the Income Tax Act, 1961 rejecting the objection of....
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....e ultimate determination made by the assessing authority under Section 147 for reassessment is otherwise subject to appeal under Section 246-A of the Act. Merits of the information referable to Section 148A thus remains subject to the reassessment proceedings initiated vide notice under Section 148 of the Act. It is for this reason that issues which require determination at the stage of reassessment proceedings and in respect of which departmental remedy is otherwise available are not required to be determined at the stage of decision by the assessing authority under Section 149A(d). The scope of decision under Section 148A(d) is limited to the existence or otherwise of information which suggests that income chargeable to tax has escaped as....