Assessee had entered into a transaction for the purchase of immovable property for a sale consideration of Rs. 80 lakhs. Assessment was reopened for the reason that the stamp value of the property was Rs. 1.12 crores Assessing Officer passed an assessment order under section\u00a0147, determining total income after making an addition of Rs. 32.78 lakhs under section 56(2)(vii)(b), being the difference in stamp duty value and sale consideration. CIT (A) affirmed the addition and reassessment. On appeal, the Tribunal held that since notice had been issued beyond 3 years but not more than 10 years from the end of the relevant assessment year, it would fall under the provision of section 149(1)(b). Since notice under section 148 was issued only for income which had escaped assessment amounting to Rs. 32.78 lakhs, the reassessment notice and consequential assessment order were void ab initio, hence quashed. Followed, Naresh Balchandrao Shinde v. ITO (2023) 146 taxmann.com 66 \/ 451 ITR 149 (Bom)(HC)\u00a0 (AY. 2017-18)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 148A: Reassessment-Conducting inquiry, providing opportunity before issue of notice-Beyond three years-Income alleged escapement was less than 50 lakhs, i.e., 32.78 lakhs-Reassessment notice and consequential assessment orders were void ab initio, hence quashed. [S. 56 (2) (vii)(b), 147, 148, 148A(b), 148A(d), 149(1)(b)] <\/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_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-60965","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-fRj","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/60965","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=60965"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/60965\/revisions"}],"predecessor-version":[{"id":60966,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/60965\/revisions\/60966"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=60965"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=60965"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=60965"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}