Order passed under section 148A(d) of the Act on the ground that the assessee having not filed a return of income for the assessment year 2016-17, the amount of Rs. 72,05,084 received by the assessee as a result of an export transaction was an asset which had escaped assessment. On writ allowing the petition the Court held that \u00a0the Department had failed to understand the fundamental difference between sale consideration and income chargeable to tax. It had relied upon sections\u00a02(24),\u00a014,\u00a028\u00a0and\u00a044AD\u00a0to emphasize the expression \u201cincome\u201d. Neither the notice under section\u00a0148A(b)\u00a0nor the order under section\u00a0148A(d), nor the consequential notice under section\u00a0148\u00a0stated that the income alleged to have escaped assessment included land or buildings or shares or equities or loans or advances. The assessee had filed a reply to the notice under section\u00a0148A(b)\u00a0wherein it had submitted that the amount of Rs.72,05,084 was the gross receipt of sale consideration of 16 scooters which meant that the amount of Rs. 72,05,084 was the total sale consideration receipt of the transaction in question, and not income chargeable to tax which would obviously be less than such amount. With the reply the assessee had also furnished the details of items sold and payment receipts, computation of total income and the computation of tax on total income and had submitted these to the Assessing Officer before the passing of the order under section\u00a0148A(b). There was nothing stated in the provisions of section\u00a0148,\u00a0148A\u00a0or\u00a0149\u00a0which could prevent the assessee from taking advantage of these provisions merely because of his failure to file return of income. However, the Department was at liberty to invoke the provisions of section\u00a0148A\u00a0in accordance with law. (AY.2016-17)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Notice after three years-Failure to file the return of income-Gross receipt of sale consideration not income chargeable to tax-Notice and consequential orders are quashed.[S. 2(24), 147, 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-40988","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-aF6","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/40988","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=40988"}],"version-history":[{"count":3,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/40988\/revisions"}],"predecessor-version":[{"id":49514,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/40988\/revisions\/49514"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=40988"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=40988"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=40988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}