Assessee received order u/s 148A(d) for A. Y. 2013-14 and 2014-15 of the Act within the time limit of 30 days from the date of reply given. However, in the said reply, the AO has not considered the detailed objections raised by the the assessee and also not provided all the information and documents relied upon as required by the decision of Hon’ble Court in the case of Ashish Agarwal, tough it is mentioned that same has been provided to the assessee.

In the order u/s 148A(d) of the Act, the AO has stated that assessee’s request for copies of documents, statements and opportunity of cross examination of a person etc. will be considered during the assessment proceedings. He has also stated that during the search of person ‘X’, which has resulted in recovery of various ledgers / note books etc. pertaining to his bank account and on the analysis of those papers, indicate that assessee has given cash of Rs. 50,00,000/- to Mr. ‘X’ in the previous years. This indicates assessee was in possession of unexplained cash and which was advanced to Mr. X for further investment and assessee has neither submitted any relevant document to substantiate the claim.

The order u/s 148A(d) is dated 28.06.2022 and notice u/s 148 is dated issued on 29.06.2022.

In the notice u/s 148 of the Act, for both years  the Ld AO has stated that he has following information in the case of the assessee:

a) Information flaged by the Risk Management strategy formulated in this regards

b) Information which requires the action in consequence of decision of Hon’ble Apex Court in the case of Ashish Agarwal.

This information suggests that the income chargeable to tax has escaped assessment within the meaning of section 147 of the Act and the order u/s 148A(d) is annexed for reference. 

The notice u/s 148 is issued with prior approval of PCIT on 23.06.2022. The approval attached is approval of PCIT and is a common approval given to various cases including assessee. 

Kindly guide the line of action to be taken by the assessee