Assessee filed its return of income, which was accepted and an assessment order was passed.\u00a0 Subsequently, information was uploaded on the insight portal alleging evasion of income on account of bogus purchases made by assessee from one Tanman Jewls pvt Ltd. On the basis of the same, a notice under section 148A(b) was issued to assessee. Thereafter, another notice under section 148A(b) was issued alleging bogus sales transactions with the same party and directed assessee to furnish a reply by a certain date.\u00a0 It was noted that assessee was allowed only four days to respond to notice, which was contrary to the minimum required statutory period of seven days as mandated under section 148A(b).\u00a0 However, due to insufficient time provided, assessee was unable to file a reply and adequately rebut allegations made in the second notice.\u00a0 Thereafter, an order under section 148A(d) was passed alleging bogus sales, and on the same date, a notice under section 148 was issued seeking to reopen assessment. On writ, the Court held that since assessee was not given adequate time as required under section 148A(b) and was not heard before the order, the order passed under section 148A(d) as well as the notice issued under section 148 were not tenable and were quashed and set aside. (AY. 2018-19)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 148A: Reassessment-Conducting inquiry, providing opportunity before issue of notice-Unexplained money-Allowed only four days to respond notice-Order passed under section 148A(d) as well as notice issued under section 148 were quashed and set-aside. [S. 69A, 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_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":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-60608","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-fLy","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/60608","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=60608"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/60608\/revisions"}],"predecessor-version":[{"id":60609,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/60608\/revisions\/60609"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=60608"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=60608"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=60608"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}