Petitioner and other legal heirs of late A sold an immovable property by executing sale deed. Petitioner received sale consideration pertaining to his share in sale proceeds and deposited same in his bank account. In following assessment year, petitioner created fixed deposits for a sum of Rs. 60,04,090.Reassessment proceedings were initiated against petitioner. Petitioner did not reply to such notice. \u00a0Assessment order and impugned penalty order were issued. On writ the\u00a0 petitioner submitted that she was diagnosed with Grade 2 Carcinoma of tongue and, in view thereof, was unable to reply to show cause notice or participate in proceedings culminating in impugned assessment and penalty orders. In view of submissions made by assessee, assessment order and penalty order is \u00a0set aside on condition that assessee would remit a sum towards income tax demand, as agreed to, and submit a reply to show cause notice. Matter remanded.\u00a0 Petitioner is directed to \u00a0deposit Rs .2,00,000 lakhs towards income -tax demand (AY. 2015-16)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 148A: Reassessment-Conducting inquiry, providing opportunity before issue of notice-Sale of immovable property-Failure to reply-Reasonable cause-In view of submissions made by assessee, assessment order and penalty order is set aside on condition that assessee would remit a sum towards income tax demand, as agreed to, and submit a reply to show cause notice-Matter remanded- Petitioner is directed to deposit Rs .2,00,000 lakhs towards income -tax demand . [S. 143(3), 148, 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-49332","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-cPG","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/49332","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=49332"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/49332\/revisions"}],"predecessor-version":[{"id":49437,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/49332\/revisions\/49437"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=49332"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=49332"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=49332"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}