9911796707
TMI Blog2023 (1) TMI 722X X X X Extracts X X X X X X X X Extracts X X X X ..... ter 'the impugned notice'). 2. In terms of the impugned notice dated 22.07.2022, the petitioner was called upon to furnish his return for the Assessment Year 2016-17 within a period of thirty days for re-assessment of the income. 3. The proceedings to initiate re-assessment of the petitioner's income chargeable to tax for the Assessment Year 2016-17 had commenced by way of a notice dated 20.04.2021 issued under Section 148 of the Act. 4. Although the said notice was issued under the pre-amended provision (as in force prior to 01.04.2021), the said notice is now required to be considered as a notice under Section 148A(b) of the Act as currently, in force, by virtue of the decision rendered by the Supreme Court in Union of India & Ors. vs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... decision of the Supreme Court in Union of India & Ors. vs. Ashish Agarwal (supra), was required to be construed as a notice under Section 148A(b) of the Act. 8. Paragraph 3 of the said notice is relevant and reads as under: "3. In this case information has been pushed through Insight Portal by the Directorate Systems that you have entered into significant financial transactions i.e. the sold an immovable property at Rs.1,93,90,900/- and has received cash of Rs. 12,19,500/-. On perusal of the return of income as per system, it is noted that you have declared taxable income of Rs.10,88,190/- but you have not shown capital gain on Rs.1,93,90,000/- in the ITR. Hence, the above information suggests that the above amount of Rs. 1,93,90,000/- a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent proceedings. 15. Concededly, the said documents were not provided to the petitioner and the petitioner had no occasion to respond to the same. 16. In view of the above, this Court is of the view that it would be apposite to set aside the impugned notice and the impugned order and to direct the Assessing Officer to reconsider the matter after affording the petitioner to respond to the material relied upon by the Assessing Officer. This Court directs as under: (i) The Assessing Officer shall provide all documents considered by him as Information for initiating the re-assessment proceedings to the petitioner within a period of two weeks from today. (ii) The petitioner is given an opportunity to respond to the same within a period of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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