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2022 (9) TMI 984 - Income Tax
Reopening of assessment u/s 147 - Validity of Order passed under Section 148A(d) and the Notice issued under Section 148 - HELD THAT:- This Court is of the view that the issue of alleged illegal mining done by the petitioner has not been conclusively settled in petitioner’s favour. The State of Rajasthan still has the option to conduct a further inquiry.
In any event, the aforesaid facts disclose that there is a prima facie allegation of income having escaped assessment which will have to be examined by the Revenue Authorities and not the State of Rajasthan. Consequently, the notice under Section 148 of the Act calls for no interference at this stage.
Validity of first proviso to Section 149 as decided in Touchstone Holdings Pvt. Ltd. [2022 (9) TMI 892 - DELHI HIGH COURT] reassessment notice be deemed as a notice issued under Section 148A of the Act and permitted Revenue to complete the said proceedings. In this case, the income alleged to have escaped assessment is more than 50 lakhs and therefore, the rigour of Section 149(1)(b) of the Act (as amended by the Finance Act, 2021) has been satisfied.
Consequently with the aforesaid liberty, the present writ petition and applications stand disposed of. It is also clarified that the petitioner shall be at liberty to raise all its contentions and submissions before the Assessing Officer, except the issue of limitation.