TMI Blog2022 (10) TMI 298X X X X Extracts X X X X X X X X Extracts X X X X ..... d by the petitioner in its return of income and is willing to place on record the sale/purchase deed before the Assessing Officer, this Court sets aside the impugned order passed u/s 148A(d) of the Act as well as the notice issued under Section 148 and remands the matter back to the AO for a fresh decision in accordance with law. It shall be open to the AO to issue a supplementary notice explai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been filed challenging the order dated 21st April, 2022 passed under Section 148A(d) of the Income Tax Act, 1961 ( the Act ) along with notice dated 21st April, 2022 issued under Section 148 of the Act for the assessment year 2018-19 and proceedings initiated pursuant thereto. 2. Learned counsel for the Petitioner states that the Respondent initiated the proceedings under Section 148A of the Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vide details about the said transaction. 4. Issue notice. Mr.Sanjay Kumar, learned counsel for the respondents-revenue, accepts notice. He states that the petitioner had not provided sale/purchase deed to the Assessing Officer and had not explained the transaction qua the amount of Rs.3,79,08,575/-. 5. In rejoinder, learned counsel for the petitioner states that the sale/purchase deed was ne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this fact at least in the order passed under Section 148A(d) of the Act. Further, as it is the petitioner s case that all the high value transactions have been reported by the petitioner in its return of income and is willing to place on record the sale/purchase deed before the Assessing Officer, this Court sets aside the impugned order passed under Section 148A(d) of the Act as well as the notic ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
