Assessing Officer issued notice under section 148A(b) on ground that assessee sold an immovable property but failed to disclose capital gains earned on said sale. The assesseee responded that it\u00a0\u00a0 had not sold but purchased a property from which tax at source had been deducted. The Assessing Officer passed the order under section\u00a0 148A(d) holding that asset was not declared by assessee and thus, income on said transaction had escaped assessment. On writ the Court held that\u00a0 the\u00a0 assessee supplied information with respect to purchase of property against a notice under section 133(6) which was issued prior to issuance of notice under section 148A(b) and said assertation was supported by relevant documents. Court also held that since Assessing Officer missed most crucial part of transaction that it was a purchase and not a sale transaction and impugned order did not align with notice issued under section 148A(b), order and consequential notice were\u00a0 set aside. Even if the Assessing Officer deemed it fit to carry out a fresh exercise, same would be started from stage prior to issuance of notice under section 148A(b) of the Act. \u00a0(AY. 2017-18)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 148A: Reassessment-Conducting inquiry, providing opportunity before issue of notice-Unexplained investments-Purchase of property-Assessing Officer assumed it sale of an immoveable property-Capital gains-Order and consequential notice were set aside order and consequential notice were set aside. [S.69, 133(6), 148A(b), 148A(d), 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-38659","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-a3x","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/38659","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=38659"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/38659\/revisions"}],"predecessor-version":[{"id":49513,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/38659\/revisions\/49513"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=38659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=38659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=38659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}