Section 148A notice not sustainable if alleged income chargeable to tax is less than Rs. 50 Lakh

Urmila Vs Income Tax Officer (Rajasthan High Court) the very substantial point which has been raised by the petitioners that one single cash deposit of Rs.34,01,000/- has been taken as two different transactions, which according to the petitioners is factually incorrect and not borne out from any of the record including transactions made as entered in the accounts of the bank, we are of the view that this objection should be taken into consideration by the authority concerned in proceedings under Section 148 of the I.T. Act, which have now been initiated. The authority would be obliged under t...