Held that there was no merit in the submission of the assessee to the effect that the information available with the Assessing Officer was vague, non-specific or did not relate to the risk management strategy of the Department. Though the provisions of section\u00a0148A\u00a0did not contain such an expanded description of the sources that remained limited to those mentioned therein, including foreign tax and tax research references the Assessing Officer in the reasons recorded had clearly referred to information received from the Director (Investigation and Criminal Intelligence) and for the purposes of section\u00a0148A\u00a0that would suffice. That the reasons for reopening indicated that, prima facie, the condition set out under section\u00a0149(1)(b)\u00a0was satisfied in so far as the income chargeable to tax was represented in the form of the movable property transferred by the assessee is\u00a0 far in excess of the required amount of Rs. 50 lakhs. That the sanction under section\u00a0151\u00a0for issue of notice under section\u00a0148\u00a0had been duly obtained from the Principal Commissioner and there was no infirmity in the sanction accorded.\u00a0 Writ petition is dismissed. (AY.2016-17)(SJ)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Risk Management Strategy-Information Received From Director (Investigation And Criminal Intelligence)-Suffice requirement of information-Consideration for moveable property excess of Rs 50 lakhs-Sanction form Principal Commissioner-Reassessment notice is valid.[S. 147, 148, 148A(b), 148A(d), 149(1)(b), 151, 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-40020","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-apu","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/40020","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=40020"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/40020\/revisions"}],"predecessor-version":[{"id":40021,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/40020\/revisions\/40021"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=40020"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=40020"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=40020"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}