2026 (3) TMI 953

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.... r.w.s. 144B of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') relating to the Assessment Year 2017-18. 2. Brief facts of the case is that the assessee is an individual has not filed the Return of Income for the Asst. Year 2017-18. Specific information received in the Income Tax portal that the assessee has received salary of Rs. 10,49,754/- and sold immovable property for Rs. 32,00,000/- and the assessee purchased equity shares of Rs. 14,42,420/- and sold shares of Rs. 12,54,275/-. Therefore, show cause notice u/s.148A[b] was issued to the assessee and the assessee furnished copies of Form-16 towards Salary and copies of Sale Deed as well as Purchase Deed. The AO passed order u/s.148A[d] of the Act dated 12-03-2024 alle....

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....ase and in law, the notice issued under section 148 of the Act is invalid, as it was not accompanied by a copy of the approval granted by the Specified Authority under section 151 of the Act, thereby violating the mandatory procedural requirement. 3. In the facts and circumstances of the case and in law, the notice under section 148 issued by the Jurisdictional Assessing Officer instead of the National Faceless Assessment Centre (NFAC) is without jurisdiction, being contrary to the procedure prescribed under the E-Assessment of Income Escaping Assessment Scheme, 2022, notified vide CBDT Notification No. 18/2022 dated 29.03.2022. 4. Without prejudice to forgoing grounds, (A) The learned Commissioner of Income-tax (....

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....he department that the assessee has not filed regular Return of Income though there were salary income of Rs. 10,49,754/- and sold immovable property for Rs. 32 lakhs and the assessee purchased equity shares of Rs. 14,42,420/- and sold shares of Rs. 12,54,275/-. The assessee explained that the escaped income is Rs. 44,37,899/= which is below the monetary limit of Rs. 50 lakhs as prescribed u/s.149(1)(b) of the Act and requested to drop the reassessment proceedings. However, the Ld AO in the reassessment order confined the additions to salary income of Rs. 8,98,920/=; LTCG of Rs. 20,93,414/= and denial of section 80C of Rs. 1 lakh and determined the total income of Rs. 30,92,334/=, which is admittedly below the monetary threshold of Rs. 50 l....