Allowing the petition the Court held that the Assessing Officer should have conducted an enquiry with respect to the information in respect of the transactions in question in accordance with section\u00a0148A(a)\u00a0and scrutinised the submissions of the assessee before passing an order under section\u00a0148A(d). Since the order under section\u00a0148A(d)\u00a0had been passed on March 31, 2022, i. e., after receipt of the detailed reply dated March 24, 2022 by the assessee, the Assessing Officer should have considered the assessee\u2019s reply as it was available on record, not considering the reply of the assessee dated March 31, 2022 in response to notice under section 148A(b) of the Act before making an order under section 148A(d) of the Act was in violation of the mandate of section\u00a0148A(c). Consequently, the order passed under section\u00a0148A(d)\u00a0and the notice issued under section\u00a0148\u00a0were quashed. The matter was remanded back to the Assessing Officer to pass a fresh reasoned order under section\u00a0148A(d)\u00a0in accordance with law after considering the assessee\u2019s detailed reply dated March 24, 2022. Court observed that Section\u00a0148A(c)\u00a0of the\u00a0Income-tax Act, 1961\u00a0casts a duty on the Assessing Officer, by using the expression \u201cshall\u201d, to consider the reply of the assessee in response to the show-cause notice under section\u00a0148A(b)\u00a0before making an order under section\u00a0148A(d).<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Failure to consider the reply of assessee-Verification-Order and subsequent notice for reopening of assessment was quashed-Matter was remanded to pass a fresh reasoned order. [S. 147, 148A(b), 148A(c), 148A(d), Form, 26AS, Art. 226] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-31015","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-84f","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/31015","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=31015"}],"version-history":[{"count":3,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/31015\/revisions"}],"predecessor-version":[{"id":32221,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/31015\/revisions\/32221"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=31015"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=31015"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=31015"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}