Issuance of notice u/s 148A based on adequate information is tenable

Stewart Science College Vs ITO (Orissa High Court) Orissa High Court held that notice issued u/.s 148A of the Income Tax Act clearly demonstrates that the Assessing Authority had in possession of information about deposit of cash in the banks and hence the same is tenable in law Facts- A notice u/s. 148A of the Income Tax Act was issued based on the possession of information that there was deposit of cash in banks by the petitioner-College during the year 2014-2015. In the present case, it is admitted fact that the petitioner-College has deposited cash of Rs.69,23,128/- with the State Bank of ...