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TMI Blog2023 (7) TMI 565X X X X Extracts X X X X X X X X Extracts X X X X ..... d on 08.10.2018 in the FDR-NRE account, once again with ICICI Bank. Petitioner also takes stand that he had no other source of income, apart from interest earned from bank interest. As the third transaction is concerned, the petitioner/assessee appears to take the position that he would want the AO to give detailed break-up of the amount involved. It concerns high value (specified) transactions which are required to be reported by the concerned person in terms of the provisions of Section 285BA(1) of the Act. AO, however, has given short shift to the reply filed by the petitioner. This aspect of the matter has been put to Mr Sunil Agarwal. As the best course forward would be that the AO be directed to reexamine the matter in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5.1 In addition thereto, a challenge is also laid to the consequential notice dated 16.04.2023 issued to the petitioner under Section 148 of the Act. 6. A perusal of the notice dated 04.03.2023 issued under Section 148A(b) of the Act would show that the Assessing Officer (AO) had flagged the following transactions based on the information he had received from the Insight Portal: (i) Time deposits (other than a time deposit made through renewal of another time deposit) Rs. 1,30,00,000/-. (ii) Statement of reportable account under Section 285 BA(1) Rs. 2,79,87,633/-. (iii) TDS statement- Payment to non-resident - Rs. 43,086/-. 7. Concededly, the cumulative value of the aforesaid transactions is Rs. 4,10,30,719/-. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Rs.37,825/- earned during the relevant assessment year and the same is taxable Tax at Source of Rs.11,802/- has been deducted by the Bank u/s 195 of the Act. ICICI Bank Savings-NRE 000701092269 Interest of Rs.20,574/- earned during the relevant assessment year and the same is exempted u/s 10(4) of the Act. No tax is deductible at source u/s 195 of the Act since the same is not chargeable to tax under the provisions of the Act. ICICI Bank FDR-NRE 000713112046 (Ref Page No.- 19, 20 21) The said deposit was made on 05-0ct-2017 and matured on 05Oct-2018. Total Interest of Rs.6,09,3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 18 was out of the maturity proceeds of Rs.1,36,09,3311- of an earlier time deposit (NRE-FDR Account No-000713112046) which was made on 05-0ct-2017 and the same matured on 05-0ct-2018. Ref Page No.-19, 20 21. C.4 As regards Statement of reportable account u/s 285 BA (1) , it is most respectfully submitted that no such alleged transactions have been undertaken by the assessee during the relevant assessment year and there is an apparent error either at the information extraction level by your good self or reporting level by the concerned entity/bank U/S 285BA of the Act. C.5 Without prejudice to above submission, it is most respectfully submitted that no details or break up of Rs.2,79,87,633/- has been provided in the abov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 12. To be noted, the third transaction concerns high value (specified) transactions which are required to be reported by the concerned person in terms of the provisions of Section 285BA(1) of the Act. 12.1 The amount which AO has quantified insofar as this transaction is concerned is Rs. 2,79,87,633/-. 13. The AO, however, has given short shift to the reply filed by the petitioner. This aspect of the matter has been put to Mr Sunil Agarwal. 13.1 Mr Agarwal says that the best course forward would be that the AO be directed to reexamine the matter in the light of the reply filed by the petitioner and material placed by him. 14. We tend to agree with Mr Agarwal. Accordingly, the impugned order dated 15.04.2023 issued under Sect ..... X X X X Extracts X X X X X X X X Extracts X X X X
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