2022 (9) TMI 193

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..... avings bank accounts. However, so far as unsecured loan is concerned, the petitioner could not submit any credible evidence alongwith its reply to establish credit worthiness of the lender i.e. M/s Arrow Netmart Pvt. Ltd. Therefore, prima facie, the Assessing Authority had some relevant material before him to assume jurisdiction for initiating re-assessment proceedings under Section 147/148 of the .....

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..... on of India and Sri Praveen Kumar, learned counsel appearing for respondent nos. 2, 3 and 4. This writ petition has been filed praying for the following reliefs: (a) Issue a writ, order or direction in the nature of certiorari quashing the notice under Section 148 of Income Tax Act and order u/s 148A(D), both even dated 29.3.2022 and the connected proceedings for reassessment of Income for .....

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..... cash towards fees through pre-printed fee deposit Pay-In-Slip. Thus, prima facie, the petitioner had an explanation with respect to cash deposits in the aforesaid two savings bank accounts. However, so far as unsecured loan of Rs. 28,53,439/ is concerned, the petitioner could not submit any credible evidence alongwith its reply to establish credit worthiness of the lender i.e. M/s Arrow Netmar .....

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