9911796707
TMI Blog2023 (9) TMI 756X X X X Extracts X X X X X X X X Extracts X X X X ..... r - HELD THAT:- Mere filing of the affidavit does not prove that shares (which were sold by the assessee) were transferred by his mother in favour of her son A.v.Kishore (assessee). In this support no documentary evidence has been furnished by the assessee. Petitioner has failed to give a proper response to the Show Cause Notice cum Draft Assessment order dated 22.04.2021. In absence of a proper reply, the respondent could not be blamed. Whether the respondents are entitled to make additions to re-compute the taxable income of the petitioner to demand the differential tax of cannot be decided under Article 226 of the Constitution of India. The proper remedy for the petitioner is only to file a Statutory Appeal before the Appellate Com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The impugned order has been passed in accordance with Section 144B of the Income Tax Act, 1961 as in force from 01.04.2021 read with E-Assessment Scheme, 2019 which was in force prior to the aforesaid date. The petitioner appears to have inherited shares which were held in petitioner's father's name in Larsen and Turbo Limited. The shares that were purchased by their father during his life time were sold on various dates during the first and fourth week of April 2017 for the total sale consideration of Rs. 10,78,75,699.11/- by the petitioner along with his siblings. The total number of 301,206 shares that were sold were of Larsen and Turbo Limited. 3. The petitioner appears to be a regular assessee and therefore liable to be pay ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he proposed/modification and/or if required the petitioner could request for a personal hearing so as to make oral submissions or present his case after filing of written reply. On approval of the request, personal hearing was to be conducted through Video Conferencing. In case, no response was received within the given time and date, the Assessment was to be finalized as per the Draft Assessment Order. 7. The petitioner also responded to the same on 26.04.2021 and also the petitioner has uploaded an affidavit from his mother which has been now extracted in the impugned order. 8. The learned Senior Counsel for the petitioner would submit that the impugned Assessment order is liable to be quashed as there is total non application of mi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot replied to the show Cause Notice cum Draft Assessment order dated 22.04.2021. 11. The petitioner had merely uploaded an affidavit of his mother which is not sufficient. It is further submitted that petitioner ought to have uploaded a proper reply/representations to the draft Assessment order cum Show Cause Notice dated 22.04.2021 in absence of the proper response from the petitioner. 12. I have considered the arguments advanced by the learned Senior counsel for the petitioner and the learned Senior Panel Counsel for the respondents. 13. The operative portion of the impugned order reads as under: 6. Mere filing of the affidavit does not prove that shares (which were sold by the assessee) were transferred by his mother in favou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 16. Considering the above, Court is inclined to dispose this writ petition by giving liberty to the petitioner to file a Statutory Appeal before the Appellate Commissioner within a period of 30 days from the date of receipt of a copy of this order. 17. The petitioner is also given liberty to file appropriate application before the respondents for stay of recovery proceedings in accordance with Section 220(6) of the Income Tax Act or in the alternative ask for waiver in accordance with the relevant circular of the Board. The petitioner shall file the Appeal before the Appellate Authority and the application before the concerned Authority either for waiver/or for stay as the case may be, within a period of four weeks from the date of rec ..... X X X X Extracts X X X X X X X X Extracts X X X X
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