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TMI Blog2024 (8) TMI 125X X X X Extracts X X X X X X X X Extracts X X X X ..... the impugned order are not at all referred to as there was no reference to section 56 (2) (x) (c) of the Act. We also fail to understand as to how the amount can be said to be an escapement of income more particularly, when the same is invested in the shares by the assessee and such transaction cannot be said to be unexplained in view of the detailed reply filed by the assessee. In such circumstances, we are of the opinion that the impugned notice u/s 148A (b) of the Act and the consequent order u/s 148A (d) and the notice u/s 148 of the Act are not tenable and are accordingly quashed and set aside. However, it is made clear that AO shall be at liberty to take necessary steps in accordance with law, if permissible. - HONOURABLE MR. JUSTI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e AY 2019-20. The following information is available on the insight Portal in your case: Information Description Source FY Amount (Rs.) Purchase of shares issued by the Company (including share application money) India Medtronic Pvt. Ltd 2018-19 1963683592 For the ease of reference, a copy of the same is attached herewith. 2. Vide this office letter having DIN No. ITBA/ASTIF/17/2022-23/ 1049514433(1) dated 07/02/2023, various information/documents with regard to source of the above investment/bank deposit/time deposit/purchase of shares/Mutual Funds/ Insurance Policy was called for. You have furnished the same. The same is perused and considered. Since, you failed to furnish one-to-one sources of above investment along with cogent documenta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... notice under section 148 of the Act for reopening the assessment of A.Y. 2019-2020. On perusal of the order under section 148A (d) of the Act, it appears that respondent- Assessing Officer has gone on tangent by referring to section 56 (2) (x) (c) of the Act observing that the said section applies in the facts of the case, more particularly, in absence of the valuation given by the assessee, it was believed that the shares received by the assessee is below fair market value and therefore, provision of the said section gets attracted and therefore was an escapement of income to the tune of Rs. 1,96,36,83,592/-. The relevant extract from the impugned order reads as under: 3.2 The assessee has furnished copy of bank account statement of Medtro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Act says that when any person receives any property other than immovable property, the value of such property should not be less than the fair market value. The assessee did not subbmit any valuation report of shares, hence, it could not be verified whether the value of transaction is as per fair market value or not. 3.3. Therefore, in absence of any valuation given by the assesse, it is believed that property(shares) received by the assessee is below fair market value and therefore provisions of section 56 (2) (x) (c) gets attracted. In view of this, the investment is considered as deemed income and therefore such income remained unexplained. 3.4 Further, the assessee has made investment in India Company, the genuineness of investment i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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