SANATH KUMAR MURALI Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) The petitioner has challenged the order at Annexure-'A' dtd. 21/3/2023 passed under Sec. 148A(d) of the Income Tax Act, 1961 (' I.T. Act ' for brevity) for the Assessment Year 2016-2017 and has also sought for quashing of the impugned notice dtd. 21/3/2023 bearing DIN and Notice No. ITBA/AST/S/148_1/2022-23/1051076610(1) issued by respondent No.1 under Sec. 148 of the I.T. Act for the Assessment Year 2016-2017 at Annexure-'B'.

(2.) On 3/3/2023, the notice under Sec. 148A(b) of the I.T. Act came to be issued to the petitioner stating that information was received which suggested that income chargeable to tax for the Assessment Year 2016-2017 has escaped assessment within the meaning of Sec. 147 , detailing the information alongwith the supporting documents. The information is detailed in the Annexure in the form of a table, which is extracted below:

(3.) The petitioner is stated to have made out a reply to the said notice dtd. 16/3/2023 in which details were laid out, setting out the sale consideration relating to the sale deed of 22/11/2015 as Rs.55,77,700.00 and also furnishing details of the sale deed by virtue of which the petitioner has purchased the property on 24/9/2011 for consideration of Rs.15,91,735.00 (cost of acquisition). It was submitted that since the date of acquisition was in the year 2011 and the sale was in the year 2015 and therefore the long term capital gain would be as follows: