By K. B. Bhujle, Advocate
Abdul Majeed vs. ITO [2022] 447 ITR 698 (Raj.)
A.Y.: 2015-16
Date of order: 29th June, 2022
Sections: 148, 148A and 149 of ITA,1961
54. Reassessment — Notice u/s 148 — Validity — Law applicable — effect of sections 148A and 149 — Notice after three years — No evidence that income which had escaped assessment exceeded Rs. 50 lakhs — Notice not validOn 15th March, 2022, the AO issued notice under clause (b) of section 148A of the Income-tax Act, 1961 proposing to reassess the income of A.Y.2015-16 u/s 147. The notice was sent along with the details of the cash deposits in the account of the assessee maintained with the Corporation Bank, which according to the notice disclosed deposit of a total amount of Rs. 52,75,000. Replying to the said notice, the petitioner-assessee stated that the initiation of proceedings on the basis that the cash deposits during the relevant financial year are Rs. 52,75,000 is factually incorrect and according to the petitioner-assessee, the total amount of cash deposit in his bank account in the Bank was only Rs. 19,39,000. The petitioner- assessee, to satisfy the authority that the total cash deposits in that particular financial year were only Rs. 19,39,000, also annexed along with the reply, complete bank statement of transactions done during the financial year in question. However, the AO passed an order for issuance of notice u/s 148 on 29th March, 2022.
The assessee filed a
