TaxTMI 
TaxTMI 
2024 (4) TMI 1214
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....tion has been filed challenging the order passed u/s.148A(d) of the Income Tax Act, 1961 (for short 'the Act') and the notice issued u/s.148 of the Act dated 31st March, 2022 for A.Y. 2018-19. 3. The brief facts are similar to that of the Special Civil Application no.4383 of 2022 as the reopening notice u/s.148A(d) dated 09.03.2022 was issued by the Assessing Officer relying upon the action u/s.133A of the Act carried on on 11th June, 2019 in case of Jammu & Kashmir Bank, wherein it was found that there was a difference between the remittance-sheet and the account statement of the various parties of the bank and the petitioner has transacted with the Jammu & Kashmir Bank and therefore, the following reasons are recorded for the notice u/s.....
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....b) of explanation 2 section 147 are of the Act. In view of the above, provision of clause (b) of explanation 2 Section 2 selection 147 are clearly applicable to facts of the case and the assessment year under consideration is deemed to be a case where income chargeable to tax has escaped assessment. It is further noticed that, in earlier year, since, the case was not selected for regular scrutiny assessment, no further inquiries were concluded nor any queries was raised on the abovementioned issues and hence the issues discussed above were still unattended, unverified and never discussed by the A.O. For above stated reasons, it is not a case of change of opinion by the AO in view of the above facts and discussion, it is found that income to....
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....eged difference is stated either in the notice u/s.148A(B) or in the impugned order passed u/s.148A(d) of the Act. 8. On the other hand, Mr. Varun K. Patel, learned Senior Standing Counsel for the respondent submitted that as in the facts of the case as there was no scrutiny assessment conducted by the respondent for the year under consideration and further inquiry is required to be made with regard to the difference found out during the course of survey action conducted on the Jammu & Kashmir Bank and huge difference between the remittance sheet and the account statement is stated in the impugned notice, as well as the order amounting to Rs.170,09,90,045/-, which requires to be considered during the course of the assessment pursuant to th....