Held that  the authority would be obliged under the law to decide this very objection with reference to the relevant material, which had been placed before it by the assessees as also by collecting other material including the bank transactions, slips, statements and specific record and reasons on the objection raised by the assessees that the income chargeable to tax was less than Rs. 50 lakhs as there was only single transaction of Rs. 34,01,000 and not two transactions as stated in the proceedings under section 148A. Though the notices under section 148A were issued to the assessees to file their response within the statutory period of seven days, the assessees had applied for adjournment but the materials placed did not show any extraordinary grounds for seeking adjournment. The orders passed under clause (d) of section 148A did not refer to the request made for adjournment by the assessees. Matter remanded.