TaxTMI 
TaxTMI 
TaxTMI 
2024 (1) TMI 369
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....ment order dated 27.03.2023 passed for the assessment year 2015-16. 2. It is inter-alia indicated that the petitioner was issued a notice under Section 148A(b) of the Act of 1961 inter-alia indicating that the information annexed with the notice suggest that income chargeable to tax for the assessment year 2015-16 has escaped assessment under the meaning of Section 147 of the Act of 1961. 3. The annexure to the notice disclosing information inter-alia indicated that the petitioner had deposited cash of Rs.10,00,000/- or more in the same bank account amounting to Rs.33,62,000/-. It was further indicated that cash amounting to Rs.2,00,000/- or more was deposited to the tune of Rs.26,13,000/- during the said assessment year in Punjab Nationa....
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.... of the proceedings relying on judgement in Abdul Majeed vs. ITO: CWP No.7853/2022, decided on 29.06.2022 by this Court. However, the authority indicating lack of jurisdiction to question the validity of the proceedings under Section 148A of the Act of 1961, refused to drop the proceedings and consequently determined the income of the petitioner at Rs.15,18,900/-. 9. Though, initially petition was filed questioning the validity of the order passed under Section 148A(d) of the Act of 1961. However, as assessment order under Section 148 of the Act of 1961 was passed during pendency of the petition, the petition was permitted to be amended qua the said orders to be questioned by the petitioner. 10. Learned counsel for the petitioner made sub....
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....er, submissions have been made that it has been found as a fact that the petitioner could not explain cash transactions to the tune of Rs.15,00,000/- and therefore, no case for interference is made out. However, it is not denied, based on the orders passed by the authorities, that the cash transactions were amounting to Rs.33,62,000/- only. 14. We have considered the submissions made by learned counsel for the parties and perused the material available on record. 15. The facts are not in dispute, wherein, the notice under Section 148A of the Act of 1961 for assessment year 2015-16 was issued on 17.03.2022 i.e. by revoking the extended period of limitation purportedly on the ground that the cash transactions were amounting to Rs.59,75,000/....
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....t of 1961. 19. During the pendency of assessment proceedings pursuant to notice under Section 148 of the Act of 1961, a show cause notice dated 06.03.2023 (Annexure-4A) was issued to the petitioner inter-alia observing as under: "Thus in the light of the above reasons, you are showcaused as to why the cash deposited to the tune of Rs. 33,62,000 in the Bank shouldn't be treated as unexplained money of the assessee under section 69Arws115BBE of the IT Act and taxed accordingly as assessee has failed to disclose with documentary evidence the source of the cash deposited in the bank account 261800010002577 in PNB." (emphasis supplied) 20. It would seem that the assessing authority accepted the plea of the petitioner regarding the cash depo....
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....ere sought to be converted into notice under Section 69A read with Section 115 BBE of the Act of 1961, which action also is wholly impermissible. Once the notice under Section 148A of the Act of 1961 is found to be barred by limitation, no further proceedings could be initiated under any of the provisions of the Act of 1961 and the purported exercise of jurisdiction pursuant to notice under Section 148A of the Act of 1961 could not be initiated or proceeded with. 24. A Co-ordinate Bench of this Court in the case of Abdul Majeed (supra) inter-alia laid down as under: "On conjoint reading of the provisions contained in Section 148A of the Act and what has been provided under Section 149 of the Act, it is vividly clear that in order to init....