9911796707
TMI Blog2022 (9) TMI 930X X X X Extracts X X X X X X X X Extracts X X X X ..... to as "the Act of 1961") leading to issuance of notice under Section 148 in the matter of reopening of the assessment proceedings for the assessment year 2018-2019. The bare facts necessary for adjudication of controversy involved in this petition are that the petitioner and income tax payee, for the assessment year of 2018-19 submitted his income tax returns and assessment proceedings were drawn. A notice, however, came to be issued by the Assessing Officer on 19.3.2022. Notice Under Sub-Clause (b) of Section 148A of Act, 1961 came to be issued to the petitioner stating that information received suggests that income chargeable to tax for the assessment year 2018-19 has escaped assessment within the meaning of Section 147 of the Act, 196 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is not challenged. The principal contention of learned counsel for the petitioner is that the impugned order is not speaking and does not consider the reply of the petitioner, but mechanically rejects the objection. He would submit that a finding that the petitioner has not furnished any documentary evidence in support of information, is perverse as the petitioner had submitted more than one documents. He would further submit that the source of investment has wrongly been held as unverified, though, the entire bank transactions were submitted after obtaining statement from the bank, which was also not disputed. Therefore, it is contended, the impugned order is cryptic, vague, perverse and liable to be interfered with. Though, reply has no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 148A of the Act, 1961. Sub Clause (d) of Section 148A of the Act, 1961 provides that the Assessing Officer is required to decide on the basis of material available on record including reply of the assessee whether or not, it is fit case to issue a notice u/s 148 of the Act, 1961, by passing order, with the prior approval of specified authority. Sub-Clause (b) of Section 148A of the Act, 1961 thereof provides that the information must suggest that income chargeable to tax has escaped assessment. Therefore, the purpose of enquiry is to find out whether there is material which suggest that income chargeable to tax escaped assessment. The opinion which is required to be found should be based on material available on record. The impugned orde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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