148a reply and objection

This discussion concerns a Section 148A notice issued to partners of a land developing firm regarding a property purchased by the firm. The property was registered under an assessee's PAN due to a power of attorney and shown as stock-in-trade. The core question is whether to object to the notice because each partner's share is below the ₹50 lakh threshold, or to reply with the facts, explaining the property belongs to the firm and the PAN was used due to partnership. The advice leans towards replying with facts, as a Section 148A(b) notice is a show-cause notice and challenging it directly is not advisable.