9911796707
TMI Blog2022 (5) TMI 52X X X X Extracts X X X X X X X X Extracts X X X X ..... , which was alleged to have escaped assessment, the procedure pending before the respondents under Section 148 of the IT Act should be set aside - Income Tax Department submits that the final decision with respect to the proceedings under Section 148 of the IT has not been made by the respondents till date and as such, the present case is a pre-mature - HELD THAT:- On considering the fact that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and accordingly, should be set aside. 2 . The petitioner s case is that the petitioner was issued a notice dated 26.03.2021 under Section 148 of the Income Tax Act, 1961, hereinafter referred to as IT Act, stating that as the Assessing Officer had reason to believe that the petitioner s income, chargeable to tax for the assessment year 2017-2018 had escaped assessment, within the meaning of S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orporation. However, the petitioner in his objections dated 17.07.2021 submitted to the respondent authorities had explained that no loan had been given to them by M/s Vishal Metal Mining Corporation and in fact, the said amount of Rs. 38,91,000/- had instead been given by the petitioner to M/s Vishal Metal Mining Corporation as loan, by way of 2 (two) cheques, i.e. Rs. 38,91,000+Rs.74,750. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the respondents till date and as such, the present case is a pre-mature. He submits that even after a decision is passed by the respondent with respect to the case under Section 148 of the IT Act, 1961, the petitioner will have an opportunity to file an appeal before the Commissioner of Income Tax (Appeals), the Income Tax Appellate Tribunal and the High Court. He, accordingly, submits that th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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