2024 (6) TMI 1556

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....dra Poojary, Advocate. For the Revenue : Shri Ganesh R Gale, Standing Counsel for Department. ORDER PER SHRI PRAKASH CHAND YADAV, JUDICIAL MEMBER Instant appeal of the assessee is arising from the order passed by the NFAC, Delhi dated 22/03/2024 in DIN No. ITBA/NFAC/S/ 250/2023- 24/1063170077(1) for the assessment year 2016-17. 2. Assessee a cooperative society, could not file ....

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....red present appeal. 5. Before us vide ground No. 1 and 2, assessee has challenged the assumption of jurisdiction of the AO u/s 148, on the ground that the income escaped is only 48,53,282/-, which figure is below the threshold limit of Rs 50 lakhs as provided in section 149(1(b). Ld. Counsel for the assessee has relied upon the judgment of Hon'ble Karnataka High Court in the following case....

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....48 read with 148A of the Act. 7.1 For the sake of convenience, we deem it appropriate to reproduce the observation of the Hon'ble High Court in these cases:- a) Sanath Kumar Murali Vs. ITO, [2023] 152 taxmann.com 231." "It is clear that there is a bar prohibiting the issuance of notice under section 148 of I.T. Act if three years has elapsed from the end of the relevant Assess....

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....able to tax which has escaped assessment is likely to amount to Rupees Fifty Lakh or more, and as such, Sri. E. I. Sanmathi, the learned standing counsel for the respondents, does not contest the third limb of the petitioner's case as canvassed by Sri. A Shankar 8. Perusal of the above judgments would show that Hon'ble High Court after analyzing the purport of section 149(1)(b) has clearly ....