2024 (11) TMI 87

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....or the Respondent: Counsel for the respondent (appearance not given) ORDER 1. Issue notice. 2. The learned counsel appearing for the respondent accepts notice. 3. The petitioner has filed the present petition impugning an order dated 31.08.2024 (hereafter the impugned order) issued under Section 148A(d) of the Income Tax Act, 1961 (hereafter the Act) as well as the notice dated 31.08.2....

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....ner's father. According to the assessing officer, a nephew was not a relative within a meaning of explanation (e) to proviso to Section 56(2)(vii) of the Act, the said gift would be taxable. 6. The petitioner responded to the impugned notice dated 19.08.2024, inter alia, seeking the copy of the approval by the concerned authority under Section 151 of the Act and further contending that the defi....

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....ts of individual are covered for purpose of gift. The gift has been received from the uncle (brother of my father) and consequently the proceedings are started wrongly. The reply of the assessee has duly been considered, however, it is not found tenable. As per Income Tax Act u/s 56(2)(vii)(e) relative means: (i) in case of an individual - (A) Spouse of the individual (B....

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....on falls in the category as explained in Explanation 1(i) to Section 148 of the Act and suggests that income of Rs. 97,00,000/- chargeable to tax has escaped assessment. It is also evident from information available with Assessing Officer that the income chargeable to tax for the relevant year, which has escaped assessment is more than Rs. 50 lakhs and same is represented in form of an "asset as i....