2024 (1) TMI 67

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....2023 and 24.02.2023 [Annexure-A1 and A2] issued under Section 148A(b) of the Income Tax Act, 1961 [for short, 'the IT Act'] for the Assessment Year 2016-17 and the Orders dated 31.03.2023 [Annexure - A3 and A4] under Section 148A(d) of the IT Act for the Assessment Year 2016-17. The Notices under Section 148A(b) are issued for the following reasons: Notices issued under Section 148A(b) of the Act dated 11.01.2023 [Annexure A1] Notices issued under Section 148A(b) of the Act dated 14.02.2023 [Annexure - A2] As per the information available with red department in respect of your case that you have sold immovable property for Rs. 69,30,000/- during the financial year 2015-16 relevant to the Assessment Year 2016-17. As per the infor....

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....and the TDS corresponding to the total sale price is uploaded to her PAN. 3. The second respondent, notwithstanding this response, has issued the Adjudication Order dated 31.03.2023 under Section 148A[d] of the IT Act opining that the petitioner has sold the property for a total consideration of Rs. 69,30,000/- and the explanation offered cannot be accepted in law. The second respondent has opined thus: The reply furnished by the assessee has been verified. it is noticed that the assessee's submission that the assessee has sold the immovable property of Rs. 69,30,000/- during the year. The assessee in her submission stated about ignorance of law, which is not an excuse. Since the entire TDS has been made in the assessee's name, ....

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....aped tax would be below Rs. 50,00,000/-, and therefore, the whole proceedings must fail. 5. As per the terms of Section 149 of the IT Act, notice under Section-148 of the IT Act cannot be issued, after three years have elapsed from the end of the relevant assessment year, unless income chargeable to tax which has escaped assessment is likely to amount to Rupees Fifty Lakh or more, and as such, Sri. E. I. Sanmathi, the learned standing counsel for the respondents, does not contest the third limb of the petitioner's case as canvassed by Sri. A Shankar. 6. Further, Sri. E.I. Sanmathi, given the details of the payment of the sale consideration of Rs. 69,30,000/- as set forth in the Sale Deed dated 13.04.2015, cannot dispute that the entir....