9911796707
TMI Blog2024 (12) TMI 322X X X X Extracts X X X X X X X X Extracts X X X X ..... ) after the notices were issued to her u/s 148, revised return was not filed showing undisclosed income and the petitioner on the other hand proceeded to move applications for settlement stating that the said amount was a loan, as already reflected in her earlier return. Since the Settlement Commission ultimately reached to the conclusion that there is non-disclosure and also not full and true disclosure of her income at the time of moving her application for settlement, we can safely presume that the Assessing Officer derive a new cause of action to initiate proceedings under Section 148 of the IT Act afresh based on the observations of the Settlement Commission of not providing full and true disclosure. Reasons which were provided by AO t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Addl. AG, Punjab. SANJEEV PRAKASH SHARMA , J. (ORAL) 1. While issuing notice on 22nd February 2025, the question, which was required by this Court for consideration was whether the assessing authority can issue notice for re-assessment on the basis of the disclosure made before the Settlement Commission after similar proceedings initiated earlier were filed, albeit without assigning reasons. 2. Learned Senior Counsel appearing for the petitioner submits that the petitioner had submitted her return for the Assessment Year (A.Y.) 2000-2001 on 22nd March 2001, under Section 143 (1) of the Income Tax Act, 1961 (for brevity, IT Act ), wherein she disclosed the said amount as a loan that remained undisclosed earlier, having been received from M/s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the same is within the limitation period, if any. 6. We noticed that in the present case, the petitioner had filed a return earlier under Section 143 (1) of the IT Act, after the notices were issued to her under Section 148 of IT Act, revised return was not filed showing undisclosed income and the petitioner on the other hand proceeded to move applications for settlement stating that the said amount was a loan, as already reflected in her earlier return. Since the Settlement Commission ultimately reached to the conclusion that there is non-disclosure and also not full and true disclosure of her income at the time of moving her application for settlement, we can safely presume that the Assessing Officer derive a new cause of action to init ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
