TMI Blog2012 (10) TMI 1027X X X X Extracts X X X X X X X X Extracts X X X X ..... 3(Asr)/2011 2. That on the facts and in the circumstances of the case the ld. CIT(A) has erred in upholding the assumption of jurisdiction for reassessment. The notice issued u/s 148 was based on incorrect/wrong reasons and even the provisions of section 149 had been ignored and thus were bad in law. 3. That on the facts and in the circumstances of the case the ld. CIT(A) has erred in sustaining the addition of ₹ 78,927/-. The submissions made on the issue have not been appreciated. 4. That on the facts and in the circumstances of the case the ld. CIT(A) has erred in upholding the levy of interest u/s 234. Also there was no document served alongwith the assessment order which showed levy of interest under any specifi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essment order. Copy of reasons recorded by the AO for issuing notice u/s 148 is placed at page 6A of the paper book.. A perusal of the reasons recorded shows that interest income which is alleged to have escaped assessment is ₹ 78,927/-. Notice u/s 148 had been issued on 26.03.2008 which is more than five years after the end of the assessment year. The Ld. counsel for the assessee, Mr. Sandeep Vijh, further argued that as per provisions contained in section 149(1)(b), the notice u/s 148 of the Act cannot be issued for the relevant assessment, if four years but not more than six years, have elapsed from the end of the relevant assessment year unless the income chargeable to tax which has escaped assessment amounts to or is likely to am ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... As per information received from ADI (Inv.), Amritsar, Smt. Harniranjan Kaur, who is retired from Punjab Civil Medical Services in January 2002 as a doctor, has been maintaining Bank account with Standard Chartered Bank, The Mall, Amritsar. From the perusal of the bank account statements for the financial year 2000-01 relevant to the assessment year 2001-02 interest of ₹ 78927- was credited in her saving bank account. Smt. Harniranjan Kaur has not filed here income tax return for the assessment year 2001-02 and her income including salary and interest as above exceeded Rs. One lac during the period. I have, therefore, reasons to believe that by reasons of omission or failure eon the part of the assessee to file the return, h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9(1)(b) of the Act, no notice u/s 148 of the Act can be issued if four years, but not more than six years, have elapsed from the end of the relevant assessment year unless the income chargeable to tax which has escaped assessment amounts to or is likely to amount to one lakh rupees or more for that year. Whereas in the present case, the income chargeable to tax which has escaped assessment is ₹ 78,927/- and not ₹ 1 lakh or more for the relevant assessment year. The present assessment year is 2001-02 and four years had elapsed on 31.03.2006. Therefore, notice having been issued on 26.03.2008 comes under the limitation in section 149(1)(b) of the Act, where income chargeable to tax , which escaped assessment should be ₹ 1 la ..... X X X X Extracts X X X X X X X X Extracts X X X X
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