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TMI Blog2024 (10) TMI 1157X X X X Extracts X X X X X X X X Extracts X X X X ..... mpt u/s 10(4) (ii) of the Act and the source of income and the remittance of loan being explained by the assessee, we do not find any justification for issuance of Notice u/s 148, as also for passing of order u/s 148A (d) of the Act. - HONOURABLE MR. JUSTICE BHARGAV D. KARIA AND HONOURABLE MRS. JUSTICE MAUNA M. BHATT Appearance: For the Petitioner(s) No. 1 : Mr Manish J Shah (1320). For the Respondent(s) No. 1: Mr. Varun K. Patel (3802). ORAL ORDER (PER: HONOURABLE MRS. JUSTICE MAUNA M. BHATT) 1. Considering the issue involved and with consent of learned advocates appearing for respective parties, the petition is taken up for final hearing today. 2. This petition is filed challenging initiation of reassessment proceedings for Assessment Y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de reply dated 14.03.2024. Despite that an order dated 09.04.2024 under section 148A (d) of the Act was passed, accompanied by Notice under section 148 of the Act, seeking to reopen the assessment on the ground that income chargeable to the tax to the extent of Rs. 2,35,08,249/- had escaped assessment. Aggrieved by the issuance of Notice under Section 148 of the Act and the order under section 148A (d) of the Act, this petition is filed. 4. Learned advocate Mr. Manish Shah for the petitioner submitted that issuance of Notice under Section 148 of the Act dated 09.04.2024 for A.Y. 2017-18, as also the order under section 148A (d) dated 02.03.2024, are bad in law because initiation of reassessment proceeding was based on incorrect facts. The a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce was explained in the reply dated 14.03.2024. It was stated that the source of income as well as deposits were from NRE Account and therefore, the same was not taxable in India. Therefore, the Notice under section 148 and the order passed under section 148A (d) of the Act being unjust and contrary to the provisions of law, deserves to be quashed and set aside. 4.2. Moreover, as held by this Court in case of Nitin Mavji Vekariya v. Income-Tax Officer reported in [2024] 461 ITR 18 (Guj), income earned by the assessee since was received from non-resident (external) accounts, the same was exempt under Section 10 (4) (ii) of the Act and therefore there was no question of escapement of income. 5. On the other hand, learned Senior Standing Couns ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 148A (a) of the Act, the assessee filed his reply dated 25.01.2024, in which he explained the source of time deposit. He submitted that the said deposit during the year under consideration was renewal/ receipts of maturity proceeds of fixed deposits placed earlier and from funds remitted from overseas savings NRE Account in India with ICICI bank. Most of the deposits were from maturity proceeds of fixed deposits placed earlier. The detail of maturity receipts was provided. In the objections filed dated 14.03.2024, to the Notice under section 148A (b) of the Act, the assessee had explained loans received from Sohm Inc. of Rs. 9,92,637/-, and of Rs. 20,00,000/- from Nileshbhai Patel. From the bank details provided, it is evident that re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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