2026 (6) TMI 932

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....2025 by the Income Tax Officer for Assessment Year 2020-21. 2. The core issue involved herein: i. whether the notice under Section 148 of the said Act issued for Assessment Year 2020-21 is barred by limitation under Section 149(1) (a) of the said Act; ii. whether it is saved by the extended period of limitation under Section 149(1b) on the ground that the income escaping assessment amounts to or is likely to amount to Rs. 50,00,000/- or more. 3. The Learned Counsel for the petitioner submits that the notice issued under Section 148 of the said Act is barred by limitation since the same has been issued after the expiry of three years and three months from the end of the relevant Assessment Year 2020-21. 4. It is su....

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.... Sale or transfer value of securities of Rs.1,38,44,619/- is not fully showing in his ITR. In ITR he has showed full consideration of Rs. 1,32,40,324/- instead of Rs.1,38,44,619/-. The difference amount of Rs.6,04,295/- is not disclosed by the assessee. Thus, it is my considered view that the above mention amount has escaped assessment within the meaning of section 147 of the Act for the AY 2020-21, and that the present matter of the assessee for AY 2020-21, is a fit case for issuance of notice u/s 148 of the Act." 8. It is submitted that as per that the Assessing Officer's own finding, the total amount alleged to have escaped assessment is Rs. 36,78,000/- + 6,04,295/- = Rs. 42,82,295/- which is below the statutory threshold of R....

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....48 is barred by limitation as per Section 149(1) (a) unless the case is covered by Section 149(1) (b). The applicability of Section 149(1) (b) depends on the amount involved for escaping assessment as per the finding of the Assessing Officer. 16. This Court has carefully examined the impugned order dated 30th June 2025. The Assessing Officer has specifically quantified the alleged escaped income at Rs. 36,78,000/- on account of cash deposit and Rs. 6,04,295/- on account of difference in sale consideration of securities. The total comes to Rs. 42,82,295/-. 17. The submission of the revenue that the amount escaping assessment is much more than the threshold limit of Rs. 50,00,000/- is not supported by the reasons recorded in the order p....