2024 (12) TMI 1708

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....s. For the impugned assessment year, the assessee could not file any return of income. Thereafter, an information, revealing that assessee has deposited Rs. 61,90,000/- in City Co-operative Bank Ltd, has come into the possession of the department. Based on this information, the AO issued a notice u/s 148A(b) of the Income Tax Act, 1961 (in short "The Act") to the assessee on 22.3.2022, seeking reply/explanation of the assessee. In response to the show cause notice, the assessee filed her reply on 30.3.2022. The assessee categorically contended that there was no such deposit, as has been alleged in the notice issued u/s 148A(b) of the Act. The assessee further clarified that she has deposited only Rs. 12,38,000/- with City Co-operative Bank ....

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....ions ground the assessee has contended that notice issued u/s 148 of the Act is barred by limitation in view of the provisions of section 149(1)(b) of the Act. 4.2 Ld. Counsel for the assessee pressing the legal ground vehemently argued that in this case, the escaped income was Rs.12,38,000/- and the assessment year involved is assessment year 2018-19 and therefore, the notice issued on 12.4.2022 is barred by limitation. 5. The ld. D.R. appearing on behalf of the revenue has relied upon the 3rd proviso to section 148A of the Act and contended that extended period of limitation was available to the AO. 6. We have heard the rival submissions and perused the materials available on record. We observe that in this case, the assessment y....

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.... under section 148 could be issued after three years from the end of Assessment Year 2016-2017, is subject to the exception of extended period of limitation of three years, but not more than ten years from the end of relevant Assessment Year, if the Assessing Officer has material which would reveal that "the income chargeable to tax" which has escaped the assessment amounts or is likely to amount to Rs. 50.00 lakh rupeesor more" b) Pramila Mahadev Tadkase Vs. ITO, [2024] 158 taxmann.com 246 (Kar) "As per the terms of section 149 of the IT Act, notice under section148 of the IT Act cannot be issued, after three years have elapsed from the end of the relevant assessment year, unless income chargeable to tax which has escaped....