2022 (9) TMI 1110

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..... saction undertaken by the Petitioner remained unexplained - HELD THAT:- It is not understood by this Court as to how the petitioner can prove the negative - It is pertinent to mention that no instance of any transaction between the petitioner and Mr.Naresh Manakchand Jain has been placed on record by the AO. Issue notice. Mr.Abhishek Maratha, learned counsel for the respondent-revenue accepts n .....

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..... ring an income of Rs.10,80,404/- and an intimation under Section 143(1) of the Act was issued. He states that the Petitioner received the impugned show cause notice dated 17th May, 2022 issued under Section 148A(b) of the Act seeking to reassess the income of the Petitioner on the ground that the Petitioner had undertaken transactions worth Rs.87,60,348/- with Mr.Naresh Manakchand Jain in the form .....

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..... itioner can prove the negative! It is pertinent to mention that no instance of any transaction between the petitioner and Mr.Naresh Manakchand Jain has been placed on record by the Assessing officer. Issue notice. Mr.Abhishek Maratha, learned counsel for the respondent-revenue accepts notice. He prays for and is permitted to obtain instructions within two weeks. List on 6th September, 2022. .....

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