Assessee is proprietor engaged in the business as\u00a0 Gas Agency under Bharat Gas. He has received notice U\/sec. 148 for AY. 2013-14 and 2014-15 after 31.03.2021. Assessee filed the Return of Income for both the years and asked for reasons for reopening and copy of proposal\u00a0 sent for approval before higher authorities and approval granted and also.documents as well as information in possession of AO. AO has provided the issues in reason that assessee has deposited huge cash in Bank account .\u00a0 Assessee has once again\u00a0 asked for verbatim copy of reasons , copy of proposal\u00a0 sent for approval before higher authorities and approval granted and also.documents as well as information in possession of AO. However AO has not provided the same. Meanwhile AO has issued Notice u\/Sec. 143(2) and asked certain information.<\/p>\n
In response to said assessee has submitted that reopening is beyond period of limitation and submitted that considering the nature of business of distribution of LPG to retail customer , assessee has to accept the cash from\u00a0 customer and provided entire bank statement along with explanation of each debit and credit entry in the bank statement alongwith audited financial statements. Assessee further submitted that cash Depsoits are out of sales proceeds and sales disclosed are more than cash Depsoits in bank. Therefore 148 proceeds based on huge cash deposit in banks is incorrect and with out considering the nature of business, thus with out\u00a0 application of mind.<\/p>\n
Now in view of decision of Hon’be\u00a0 SC has given notice U\/Sec. 148A(b) along with information about cash deposit in Bank account and asked to submit response with in two weeks .<\/p>\n
Whether assessee can submit the reply which he has given earlier about explanation of cash Deposit in Bank. Can assessee raised issue of period of limitation ?<\/p>\n
Guide.<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[33],"qa_category":[23],"qa_tag":[574,136,605],"class_list":["post-27171","qa","type-qa","status-publish","hentry","qa_expert-advocate-shashi-ashok-bekal","qa_category-income-tax","qa_tag-re-assessment","qa_tag-reassessment","qa_tag-recorded-reasons"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/27171","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=27171"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=27171"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=27171"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=27171"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=27171"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}