Assessing Officer issued on assessee-company a notice under section 148A(b) intimating that on investigation of documents in his possession it was seen that assessee during year had sold 13 plots in cash and sales consideration received by it remained unexplained and supplied documents to assessee.\u00a0 He thereafter passed an order under section 148A(d) stating that amount of sales consideration received in cash required to be reassessed. On writ the Court held that\u00a0\u00a0 stand taken by assessee that it had no knowledge about sale transaction by power of attorney holder is\u00a0 not a ground for revenue not to proceed against it.\u00a0 Since a detailed adjudication on merits of information available with Assessing Officer and defence set up by assessee is not contemplated at stage of passing an order under section 148A(d). Writ petition is\u00a0 dismissed. \u00a0(AY. 2020-21)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Unexplained money-Sale consideration received in cash-Sale by Power of Attorney holder-Since a detailed adjudication on merits of information available with Assessing Officer and defence set up by assessee is not contemplated at stage of passing an order under section 148A(d)-Writ petition is dismissed.[S. 69A, 148, 148A(b), 148A(d), Power of Attorney Act, 1882, 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-49346","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-cPU","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/49346","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=49346"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/49346\/revisions"}],"predecessor-version":[{"id":49347,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/49346\/revisions\/49347"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=49346"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=49346"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=49346"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}