Notice issued on the basis of wrong keeping of facts suffered dismissal by the Tribunal in [2022] 95 ITR (Trib) 279 (ITAT[Amrit]) in a NMS case for high value financial transaction(s).
The revenue claimed having information on bank deposit transactions worth Rs. 141.94 lacs in their reasons of reopening whereas there were only deposits of Rs.74.41 lacs which were also explainable.
The revenue side claimed that the deposits in the bank account of the assessee, being much more than the exempted limit and the assessee having not furnished a return ,therefore, there was a valid reason to believe that the income of the assessee had escaped assessment and, therefore, there was a valid jurisdiction with the AO for issuance of notice under section 148.
The Tribunal however discharged the assessee on the basis of incorrect content of notice without going into the merits of the case.