Assessing Officer issued on assessee a notice under section 148 stating that he had reason to believe that certain amount received by assessee was chargeable to tax and it had escaped assessment . The assessee neither filed the return nor explained the receipt of amount . On writ the Court held that\u00a0 \u00a0since assessee did not file any return during year, it did not file any response to notice within time allowed, it filed return only after eight months at stage when time limit for completing reassessment proceedings was almost due to conclude and it had not explained receipt of amount, it could not be said that Assessing Officer either had no reason to believe that assessee’s income chargeable to tax had escaped assessment or his reason to believe was based on some non-extent material or extraneous and irrelevant material.\u00a0 Writ petition is dismissed . (AY. 2015 -16 )<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 147 : Reassessment \u2013 After the expiry of four years – Unexplained moneys \u2013 No return is filed within time allowed \u2013 Not explained receipt of amount \u2013 Reassessment notice is held to be valid \u2013 Writ petition is dismissed. [ S.69A, 148 , 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-49334","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-cPI","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/49334","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=49334"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/49334\/revisions"}],"predecessor-version":[{"id":49335,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/49334\/revisions\/49335"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=49334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=49334"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=49334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}