If you've received a notice under Section 148 that mentions a 285BA transaction and amount but not the type, it can be confusing. While AIS data typically covers only the last two years, older transactions from FY 2017-18 might require you to check with your client directly. The notice likely relates to specific reportable transactions such as property dealings, services rendered, investments, or loans. If unsure, consulting the Assessing Officer (AO) is also an option.
02 May 2022
if get notice us 148 ... in notice mentioned .. sft 285BA transaction & amount is given but not given type of transaction. Assessee dont know that transaction now from where to find that transaction ???
03 May 2022
Sir; but this info. related to fy 2017 18; AIS data is available only for last 2 years in income tax portal. Can we check through insight portal through registration there ??? Then how to register there on portal ?
03 May 2022
Not possible. In case of FY 2017-18 only few transactions are reported. Check with your client whether any of the following transactions done'.
Financial transaction specifically required to be reported under Section 285BA are as follows:
Transaction of purchase, sale/ exchange of goods or property or right or interest in a property; or Transaction for rendering any service; or Transaction under a works contract; or Transaction by way of an investment made or expenditure incurred; or Transaction for taking or accepting any loan or deposit.