2025 (5) TMI 2246

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....j Ahmad Khan, Advocate. For the Respondent : Mr. Siddhartha Sinha, SSC with Ms Anu Priya Nisha Minz, Advocate. ORDER 1. The petitioner has filed the present petition, inter alia, impugning an order dated 21.03.2024 passed by the Assessing Officer [AO] under Section 148A(d) of the Income Tax Act, 1961 [the Act] as well as the consequent notice issued under Section 148 of the Act. 2. The....

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....tion of re-assessment is invalid. 3. We, however, find that the Section 148A(b) notice had referred to the following transactions of deposits and withdrawals on the basis of which the Assessing Officer ["AO"] came to the conclusion that income chargeable to tax had escaped assessment. That chart is reproduced hereinbelow: Information Code Information Description Source Count ....

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....ner. The said amount thus qualifies the threshold of INR 50,00,000/- which stands embodied in Section 149(1)(b) of the Act. 5. We note that the Explanation appended to Section 149(1)(b) while seeking to define the word "asset" also alludes to deposits in bank accounts. In view of the aforesaid, we are of the considered opinion that the assumption of jurisdiction cannot be assailed on the ....

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....ch is liable to be followed in light of the Faceless Scheme of Assessment. We note that this aspect is currently engaging our attention in W.P.(C) 262/2023 and other connected matters. 8. Restricted to the aforesaid issue, we call upon the respondents to file a reply within a period of four weeks from today. The petitioner shall have two weeks therefrom to file a rejoinder affidavit. ....