TaxTMI 
TaxTMI 
2024 (5) TMI 448
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.... India and Sri Neerav Chitravanshi along with Sri Kushagra Dikshit, appearing on behalf of the respondent nos.2, 3 and 4. 2. This petition has been filed with the following main prayer:- "i. to, issue a writ or direction in the nature of certiorari to quash the impugned notice dated 28.12.2023 and 15.03.2023 for the assessment year 2017-18 and 2019-20 respectively passed under section 148A clause (b) of the Income Tax Act, 1961 (Annexure No.1 and 2. [Notice dated 15.3.2023 for A.Y. 2019-20 is not pressed as per order of the Hon'ble Court dt. 9.04.2024]." 3. This petition has been filed challenging the notice issued under Section 148A(b) of the Income Tax Act for the Assessment Year 2017-2018 on 28.12.2023, the order dated....
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....d her and advised her to invest Rs. 40 lakhs for lucrative return in a new scheme namely Omaxe Avenue. Thus, the entire amount was transferred from the account of the petitioner to Omaxe Avenue Scheme in the year 2016 again through banking channel. 5. The petitioner has invested only Rs. 41 lakhs in Omaxe Group through banking channel. In the year 2022, a search was conducted by the Income Tax Department against various offices and residential premises of the Omaxe Group. During search operations, certain excel sheets were found by the Income Tax Department and on the basis of such papers, the Income Tax Department had issued a notice for re-assessment to the petitioner under Section 147 for income that has escaped from assessment earlie....
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....r, the protective Assessment Order has been issued for the Assessment Year 2019-20 on 24.03.2024 and on the basis of such protective Assessment Order for the Assessment Year 2019-20, no show cause notice could have been issued for imposing penalty as has been done by the Department on 18.04.2024 and therefore, the said show cause notice has also been challenged on the ground of jurisdictional error. It has been argued that the penalty notice under Section 271 AAC can be given only when income is determined finally against the Assessee including income under Section 69 of the Act. No penalty notice can be issued on an uncertain Assessment Order as no final or substantive assessment order has yet been issued. There can be no protective penalt....
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....ead of proceedings against the relevant Section 153(C), the Assessing Officer has proceeded under Section 147 and 148 drawing a presumption regarding income chargeable to tax having escaped assessment and the burden has been cast upon the petitioner to prove that such income is not escaped assessment. 11. It has been submitted that where a specific provision has been provided in the Act for a specific case of reopening of Assessment on the basis of search of premises of some other person, then a general provision such as Section 147 of the Act cannot be invoked. It has also been stated that Section 153(C) starts with a non-obstante clause, which states that notwithstanding anything contained in Section 139, 147, 148, 149, 151 and 153, th....
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....Section 147, 148 and 148A of the Act, as the Assessing Officer is duty bound to provide all documents/ material/ information received from various sources to the Assessee along with the show-cause notice. 15. Section 148(A) in its entirety is being quoted hereinbelow:- "148A. The Assessing Officer shall, before issuing any notice under section 148,- (a) conduct any enquiry, if required, with the prior approval of specified authority, with respect to the information which suggests that the income chargeable to tax has escaped assessment; (b) provide an opportunity of being heard to the assessee, [***] by serving upon him a notice to show cause within such time, as may be specified in the notice, being not less t....
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....at any money, bullion, jewellery or other valuable article or thing, seized in a search under section 132 or requisitioned under section 132A, in the case of any other person on or after the 1st day of April, 2021, belongs to the assessee; or (c) the Assessing Officer is satisfied, with the prior approval of the Principal Commissioner or Commissioner that any books of account or documents, seized in a search under section 132 or requisitioned under section 132A, in case of any other person on or after the 1st day of April, 2021, pertains or pertain to, or any information contained therein, [relate to, the assessee; or (d) the Assessing Officer has received any information under the scheme notified under section 135A pertai....