Notice was issued under section 148A\u00a0 and the Assessing Officer passed an order holding that it was a fit case for issuance of notice under section 148. On writ the assessee contended that notice was issued beyond period of limitation as prescribed under section 149(1)(a) and conditions as specified so as to attract provisions of section 149(1)(b) were not satisfied. It was noted that assessee had computed exempt LTCG on sale of shares in previous year relevant to assessment year 2013-14. Only transaction in previous year relevant to assessment year 2013-14 was sale of shares of Gemstone and PMPL.\u00a0 There was no material with Assessing Officer to indicate that gross sale consideration had escaped assessment in assessment year 2013-14.If information as available with Assessing Officer was verified to be correct, income which assessee had claimed as exempt under section 10(38) would be income that was chargeable to tax under Act and had escaped assessment.\u00a0 The amount was below threshold limit of Rs. 50 lakhs for attracting provision of section 149(1)(b).Therefore,\u00a0 notice having been issued beyond period of limitation as prescribed under section 149(1)(a) and conditions as specified so as to attract provisions of section 149(1)(b) were not satisfied. Accordingly the notice was quashed. (AY. 2013-14)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 149 : Reassessment-Time limit for notice-Long term capital gains from equities-Amount was below threshold limit of Rs. 50 lakhs-Notice was issued beyond period of limitation as prescribed under section 149(1)(a) and conditions as specified so as to attract provisions of section 149(1)(b) were not satisfied, same was set aside. [S. 148, 148A(b), 148A(d), 149(1)(a), 149(1)(b), 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-59312","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-fqE","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59312","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=59312"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59312\/revisions"}],"predecessor-version":[{"id":59313,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59312\/revisions\/59313"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=59312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=59312"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=59312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}