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2023 (6) TMI 672 - HC - Income TaxReopening of assessment u/s 147 - Assessee has taken the stand that he did not enter into any transaction with Dayanand Singh, as alleged and if it is taken out of the equation, the alleged escaped income would be below Rs. 50 lakhs. HELD THAT - Unfortunately for the petitioner/assessee, this stand was not taken in time. The writ petition is disposed of, with a direction that before the Assessing Officer proceeds to pass an assessment order, he would verify the assertion made by the petitioner/assessee which is recorded in the reply, and in this context, also accord personal hearing to the petitioner/assessee and/or his authorised representative.
Issues involved:
The issues involved in the judgment are related to the assessment for Assessment Year (AY) 2014-15 under Section 148A(d) of the Income Tax Act, 1961, challenge to a notice issued under Section 148A(b) of the Act, and challenge to Instruction No. 1 of 2022 issued by the CBDT. Assessment Year 2014-15: The petitioner/assessee challenged the order dated 20.07.2022 passed under Section 148A(d) of the Income Tax Act, 1961, as well as the notice dated 29.05.2022 issued under Section 148A(b) of the Act. Additionally, a challenge was made to Instruction No. 1 of 2022 dated 11.05.2022 issued by the CBDT. The petitioner's counsel conceded that no response was initially submitted to the notice issued under Section 148A(b) of the Act, but later claimed that a reply was filed. The reply disputed certain transactions mentioned in the notice, specifically denying any transaction with Dayanand Singh, which, if excluded, would bring the alleged escaped income below Rs. 50 lakhs. The court directed the Assessing Officer to verify the petitioner's assertions before passing an assessment order and to provide a personal hearing to the petitioner or his representative. The writ petition was disposed of accordingly. Conclusion: The High Court of Delhi addressed the challenges raised by the petitioner/assessee regarding the assessment for AY 2014-15 under Section 148A(d) of the Income Tax Act, 1961, a notice issued under Section 148A(b) of the Act, and Instruction No. 1 of 2022 issued by the CBDT. The court directed the Assessing Officer to verify the petitioner's assertions and provide a personal hearing before proceeding with the assessment order.
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