TaxTMI 
TaxTMI 
2023 (8) TMI 1407
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....ssessing officer under Section 148A(d) of the Income Tax Act, 1961 (hereinafter to be referred as 'the Act'). The petitioner has also challenged the notice dated 05.04.2023 issued by the assessing officer under Section 148 of the Act. 2. Brief facts of the case are that a notice under Section 148A(b) of the Act dated 28.02.2023 was issued to the petitioner by the assessing officer to show cause why a notice under Section 148 of the Act should not be issued. It is stated in the notice that as per the information the income chargeable to tax for the assessment year 2016-17 has escaped assessment within the meaning of Section 147 of the Act. The notice dated 28.02.2023 further states that as per the information available with the assessing of....
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....ceedings are barred by limitation in terms of Clause(a) of sub-Section (1) of Section 149 because the informative value happened to be less than Rs. 50 lac and three years from relevant assessment year have elapsed. 7. It is also contended that the order under Section 148A(d) of the Income Tax Act has been passed on the basis of surmises and conjectures. 8. It is further contended that reassessment notice under Section 148 of the Act has been issued in utter non-compliance of the notification dated 29.03.2023. 9. In support of the above contentions, learned counsel for the petitioner has placed reliance on decision of Bombay High Court dated 13.03.2023 rendered in Anurag Gupta Vs. Income Tax Officer, Ward & Ors. (Writ Petition No.&n....
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....to furnish satisfactory explanation in response to the notice issued under Section 148A(d) of the Act and in such circumstances, the assessing officer, on the basis of information and material available with it, has passed the order dated 05.04.2023 in accordance with law. 12. It is further submitted that the reassessment notice under Section 148 of Income Tax Act is perfectly legal and cannot be said to be issued in non-compliance of the notification dated 29.03.2023 because the notice under Section 148A(b) of the Act was issued on 28.02.2023 i.e. prior to the issuance of notification dated 29.03.2023. 13. In support of the above contentions, learned counsel for the respondents has placed reliance on decision of Division Bench of this Co....
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....f Anurag Lohiya and Swati Lohiya have been attached. 16. In the last para of the reply, it is submitted by the petitioner that the TDS of Rs. 4,523/- has been deducted on interest income of Rs. 45,194/-. The petitioner has also emphasized that the assessing officer is required to comply with the procedure under Section 148A of the Act. It is also contended that as per clause (a) of sub-Section (1) of Section 149 of the Act, the reassessment proceedings cannot be opened as the escaped income assessment is below Rs. 50,00,000/-. 17. The assessing officer, after taking into consideration the reply filed on behalf of the assessee, has concluded that as per the information available on tax payer annual summary report, the assess....
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.... Section 148A (b) of the Act, the assessing officer has indicated that as per information available in its office, the petitioner has entered into following transactions during the year under consideration and the details of the same have been provided in tabulation form. The petitioner, in his reply to the said notice, has simply denied that he has not entered any such transaction, however, the bank statements of the relevant years have not been furnished by the assessee. 20. From the order passed by the assessing officer under Section 148A(d) of the Act, it is clear that the details about the said transaction are available on tax payer annual summary report of the petitioner. It is not the case of the petitioner that the details of such ....
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....cer, Ward & Ors. (supra), the Bombay High Court has set aside the order passed under Section 148A(d) of the Act as well as the notice issued under Section 148 of the Act on the ground that no material was supplied to the petitioner. However, in the present case, the assessee was given due opportunity of hearing while giving notice under Section 148A(b) of the Act and the reply filed by him is duly considered and thereafter detailed order under Section 148A(d) of the Act has been passed. 23. In Krishna Diagnostic Pvt. Ltd. Vs. Income Tax Officer Ward 14 (supra), the Delhi High Court has set aside the order passed under Section 148A(d) of the Act on the ground that the assessing officer has ignored the relevant documents filed by the assesse....