TaxTMI 
TaxTMI 
TaxTMI 
2024 (9) TMI 1888
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....e of a writ of Certiorari quashing the notice under Section 148(b) of the Act dated 20.03.2022 bearing DIN No. ITBA/AST/F/148A(SCN)/2021-22/101094771(1) issued by the Respondent No. 1 for the assessment year 2015-16 herein marked as Annexure-A; 2. Issue a Writ of Certiorari or direction in the nature of writ of Certiorari quashing the order under Section 148A(d) of the Act dated 06.04.2022 bearing DIN No. ITBA/AST/F/148A/2022-23/1042547184(1) issued by the respondent No.1 for the assessment year 2015-16 herein marked as Annexure-A1. 3. Issue a writ of certiorari or direction in the nature of writ of Certiorari quashing the notice under Section 148 of the Act dated 07.04.2022 bearing DIN No. ITBA/AST/S/148_1/2022-23/1042609....
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..... 50 lakhs. The petitioner replied to the same on 23.3.2022 within three days and submitted all the documents including the statement of account of the particular bank account as regards which the allegation was made, contending that it is only one bank account that the petitioner has and operates and the cash deposit made in the said account is only a sum of Rs. 27,45,000/- which is on account of the return of hand loans made earlier. 3. In the assessment order which has been passed on 20.2.2024, after taking into account all the submissions and the documents submitted by the petitioner, the final computation of taxable income which has been arrived at even after taking into account the cash deposit of Rs. 27,45,000/- is a grand total o....
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....essment of Rs.27,45,000/- on account of an alleged unexplained cash deposit being within the threshold limit of Rs. 50 lakhs, no proceedings under Section 148, let alone penalty proceedings, could have been initiated by the revenue. On that ground, he submits that the above petition is required to be allowed and the relief sought for granted. 5. Sri. Thirumalesh. M., learned counsel for revenue would submit that the order is an appealable order under Section 246 and therefore the petitioner having alternative efficacious remedy could always approach the appellate authority challenging the order, if he has any grievance. 6. Heard Sri. Ravi Shankar. S.V., Learned counsel for the petitioner and Sri. Thirumalesh. M., learned counsel for r....
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....(iii) an entry or entries in the books of account, which has escaped assessment amounts to or is likely to amount to fifty lakh rupees or more: Provided that no notice under section 148 shall be issued at any time in a case for the relevant assessment year beginning on or before 1st day of April, 2021, if [a notice under section 148 or section 153A or section 153C could not have been issued at that time on account of being beyond the time limit specified under the provisions of clause (b) of sub-section (1) of this section or section 153A or section 153C, as the case may be], as they stood immediately before the commencement of the Finance Act, 2021: Provided further that the provisions of this sub-section shall not apply ....
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....e (b) of sub-section (1), has escaped the assessment and the investment in such asset or expenditure in relation to such event or occasion has been made or incurred, in more than one previous years relevant to the assessment years within the period referred to in clause (b) of sub-section (1), a notice under section 148 shall be issued for every such assessment year for assessment, reassessment or recomputation, as the case may be. (2) The provisions of sub-section (1) as to the issue of notice shall be subject to the provisions of section 151. 9. In terms of clause (a) of sub-Section (1) of Section 149 a period of three years has been fixed from the end of the relevant assessment year for initiating proceedings under Section 14....