2024 (1) TMI 756

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....ated 12.04.2022 proposing to reassess the income of petitioner for the AY 2015-16. 2. The case of the petitioner is that she has sold her land for a sum of Rs. 40 lakhs, however, the market value of the property has been shown in the sale deed as Rs. 51 lakhs. Therefore, the income chargeable to tax after deduction of cost of acquisition and expenses in connection with transfer of the property was less than the taxable income, hence, there was no obligation for the petitioner to file return of income. However, the respondent issued a show cause notice dated 18.03.2022 under section 148A of the Income Tax Act (hereinafter referred to as 'Act') calling for the petitioner to show cause as to why not the income chargeable to tax for th....

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....ssued under section 148 has no jurisdiction. 3. The learned counsel for the petitioner submitted that in the event, if the income chargeable to tax is 50 lakhs or more, definitely, the officer concerned has jurisdiction to initiate assessment/reassessment proceedings under Section 148A on the income derived from sale of the petitioner's property. In the present case, though the petitioner filed her reply stating that apart from cost of purchase, if the amount spent towards two percentage of brokerage charges and development cost is deducted, then, the value of the income derived chargeable would be below 50 lakhs. Therefore, the respondent has no jurisdiction to issue impugned order and impugned notice as well. However, without taking ....

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....l as learned Standing counsel appearing for the respondent and also perused the materials available on record. 6. Now, the issue to be decided in the present case is as to whether the petitioner can raise the jurisdictional issue before the officer, who issued notice under section 148 of the Act. 7. At this juncture, it would be apposite to extract the provisions of section 149(1) of Income Tax Act, which reads as under :- '149.(1) No notice under section 148 shall be issued for the relevant assessment year,- (a) if three years have elapsed from the end of the relevant assessment year, unless the case falls under clause (b); (b) if three years, but not more than ten years, have elapsed from the end of the relevant assessment yea....