2024 (5) TMI 447

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....ectively and the consequential order dated 30 July 2022 passed under Section 148A (d) of the Income Tax Act, 1961 ["Act"] for the Assessment Year ["AY"] 2017-18. 2. The petitioner is stated to have been deriving income from the business of wholesale trading of pan masala and beetle nut (supari) through his proprietorship concerns namely, M/s Neelkanth Trades and M/s Prem Supari Bhandar. On 28 March 2017, he was served with a summon under Section 131(1A) of the Act, seeking verification of cash deposits made by him in his bank account during the period of demonetization i.e., 08 November 2016 to 31 December 2016 ["demonetization period"]. 3. Accordingly, on 14 October 2017, the Income Tax Return ["ITR"] was filed by the petitioner for AY 2....

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.... 2021 to 30 June 2021, under the old provisions shall be treated as notices under Section 148A (b) of the Act and the same shall be dealt with in the light of the directions contained in the aforesaid decision. 7. As a sequitor, the Revenue issued the impugned notice dated 26 May 2022, under Section 148A (b) of the Act and initiated reassessment proceedings by supplying the petitioner with the information in its possession i.e., an exponential increase in the sales turnover of the petitioner during AY 2017-18, alleging that the same has escaped assessment. Consequently, the impugned order under Section 148A (d) dated 30 July 2022 was passed by the Revenue. 8. Mr. Kalrav Mehrotra, learned counsel for the petitioner argued that the reassess....