9911796707
TMI Blog2023 (5) TMI 1294X X X X Extracts X X X X X X X X Extracts X X X X ..... ainst the petitioner, is legally not sustainable - HELD THAT:- Such allegation of petitioner that the assessing officer has proceeded merely on the basis of remarks potential borrower/lender is not correct since in the later part of the order assessing officer has clarified that on verification of the document the assessing officer has found credible evidence of actual borrowings and not potential in nature. It has also been recorded by AO in the impugned assessment order that it is evident that the assessee has availed cash loan through finance broker from different lenders and it has also been recorded that there is a huge unexplained expenditure within the meaning of Section 69C of the Act and that the cash loan and repayment in cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the parties. By this writ petition, petitioner has challenged the legality of the impugned order under Section 148A(d) of the Income Tax Act, 1961 dated 7th April, 2023 relating to assessment year 2016-17. Main allegation of the petitioner in challenging the impugned order while passing the aforesaid impugned order the assessing officer has relied on some investigation report from the office of the DGIT (Investigation) where some remarks was made as potential borrower/lender and it is the case of the petitioner that impugned proceeding on the basis of the alleged remarks of potential borrower/lender without naming or disclosing anything in detail against the petitioner, is legally not sustainable. I have perused the aforesaid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nor the impugned order has been passed by an officer having inherent lack of jurisdiction which is based on facts and findings and materials evidence. The aforesaid factors should not be ignored. In addition the order under Section 148A(d) of the Act is neither a final assessment order nor any demand arises out of such order and petitioner still will have ample opportunity and scope to make out a case in its favour in proceeding subsequent to the order passed under Section 148A(d) of the Act. In view of the discussion made above, this writ petition being WPO 929 of 2023 stands disposed of. It appears from record that this writ petition has been affirmed by one Ravi Kumar Agarwal describing himself as a businessman residing at 69, S.K. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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