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2023 (8) TMI 1407 - RAJASTHAN HIGH COURTReopening of assessment u/s 147 - validity of order passed by u/s 148A(d) - as per information available in its office, the petitioner has entered into transactions during the year under consideration and the details of the same have been provided in tabulation form - HELD THAT:- From the order passed by the assessing officer under Section 148A(d) of the Act, it is clear that the details about the said transaction are available on tax payer annual summary report of the petitioner. It is not the case of the petitioner that the details of such transactions are not available on the tax payer annual summary report of him. In such circumstances, the reasons assigned by the assessing officer in the order dated 05.04.2023 passed under Section 148A(d) of the Act cannot be brushed aside at the threshold. Period of limitation - So far as the contention of the petitioner that as per Clause (a) of sub-Section (1) of Section 149 of the Act, the time has expired for reassessment as the informative value happened to be less than Rs. 50,00,000/- has not impressed us because as per the information available with the assessing officer, the total escaped income for consideration is Rs. 1,84,45,194/- i.e. more than Rs. 50,00,000/-. Notice dated 05.04.2023 under Section 148 of the Act is in violation of the Notification of Ministry of Finance dated 29.03.2023 - as suffice it to say that prior to the issuance of the Notification of Ministry of Finance dated 29.03.2023, notice under Section 148A (b) had already been issued to the petitioner on 28.02.2023 and in such circumstances, the process of issuing notice under Section 148 of the Act had begun prior to the issuance of aforesaid notification of Ministry of Finance. Hence, it cannot be said that the notice under Section 148 of the Act has been issued in non-compliance of the same. Thus not a fit case to interfere in the impugned order as well as the notice issued by the assessing officer. Decided against assessee.
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