2025 (5) TMI 35

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....(d) of the Act; and the consequential notice dated 21.03.2023 issued under Section 148 of the Act by respondent no. 1 [Assessing Officer - AO] in respect of the assessment year [AY] 2016-17. 2. The Assessee (Sh. Umesh Chandra Sharma) is an individual and was allotted Importer‑Exporter Code [IEC] No. 0589013629 by the Deputy Director General of Foreign Trade on 01.04.1989 in connection with the Permanent Account Number [PAN] AREPS2819J and since that date, all the export transactions made by the Assessee are regulated under the said IEC number. Consequently, IEC No. 0589013629 has no connection whatsoever with PAN AABPS3614F. 3. It is the Assessee's case that he has been regularly filing his return of income from AY 2010-11 to AY....

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....the Department's reliance on the inflated figure stemmed from a clerical error in the Shipping Bill dated 08.10.2015, which was subsequently corrected by the Customs Authorities through a specific amendment order. As the figure of Rs. 1,19,95,668/- has been officially expunged and no longer exists in the records, the same could not form the basis for the assumption that the Assessee's income had escaped assessment. 7. The AO passed an order under Section 148A (d) on 21.03.2023, holding that it was a fit case to issue a notice under Section 148 of the Act. On the same day, that is 21.03.2023, the AO issued a notice under Section 148 of the Act, alleging that income chargeable to tax had escaped assessment and directed the Assessee to furn....

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....n reading of the order dated 21.03.2023 issued under Section 148A (d) of the Act indicates that the Assessee's assessment was reopened on the basis of information that the Assessee had made exports under Shipping Bills aggregating Rs. 1,19,95,668/-. The AO reasoned that the said transaction would have generated taxable income which has escaped assessment, as the Assessee had not filed his return of income for the year under consideration (previous year relating to AY 2016-17). 12. The Assessee's contention that he had not made exports under IEC code that was linked to PAN AABPS3614F was rejected on the ground that the database of the CBIC indicated that exports had been made. The AO thus concluded that exports amounting to Rs. 1,19,95,66....