9911796707
TMI Blog2022 (1) TMI 656X X X X Extracts X X X X X X X X Extracts X X X X ..... itioner's account during the period were an unexplained income of the petitioner. The fact remains that the two officers had left the petitioner and thus the petitioner could not reply to notice. The fact that the petitioner will have to be wound up if the impugned order remains. Therefore, the impugned order is quashed, subject to the petitioner depositing a sum of ₹ 5 Crores in two equal instalments within a period of two months from the date of receipt of a copy of this order. The first instalment shall be paid before the end of first month, i.e on or before 31.01.2022 and the second instalment by 14.02.2022. On payment of the aforesaid amount, the impugned order shall stands quashed. As and when the petitioner deposits th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ving regard to the facts of the case and arguments advanced by the learned counsel for the petitioner and the defence of the learned Senior Standing Counsel for the respondents, it is discernible that the petitioner is a IATA agent engaged in booking tickets for its clients and receives advance amounts from clients for being paid to various airline companies. The advance amount which was lying in the petitioner's account, has been added as ''an unexplained income'' in the hands of the petitioner and therefore proceedings were initiated to finalise the assessment. 5. The petitioner had two officers namely Mr.Selvaraj who are the Chief Financial Manager and one Ms.Swasthika, Finance Manager who were handling the account ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assumption that the amount urging in the petitioner's account during the period were an unexplained income of the petitioner. The fact remains that the two officers had left the petitioner and thus the petitioner could not reply to notice. The fact that the petitioner will have to be wound up if the impugned order remains. Therefore, the impugned order is quashed, subject to the petitioner depositing a sum of ₹ 5 Crores in two equal instalments within a period of two months from the date of receipt of a copy of this order. The first instalment shall be paid before the end of first month, i.e on or before 31.01.2022 and the second instalment by 14.02.2022. On payment of the aforesaid amount, the impugned order shall stands q ..... X X X X Extracts X X X X X X X X Extracts X X X X
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