9911796707
TMI Blog2024 (2) TMI 464X X X X Extracts X X X X X X X X Extracts X X X X ..... justice. Rejection of the writ petition on the ground of availing of alternative remedy, it is trite law that Courts would be loathe to entertain a writ petition if alternate remedy is available. However, the rule of alternate remedy is a self-imposed restriction, to which the Courts have carved out exceptions some of them being violation of principles of natural justice, lack of jurisdiction and error apparent on the face of record inasmuch as we have already find that the impugned order suffers from violation of principles of natural justice and the same warrants interference under Article 226 of the Constitution of India. We are inclined to remand the matter back to the assessing authority, who shall grant one more opportunity to the appellant to put forth its explanation / objection in respect of excess stock, which has been treated as unexplained investment under Section 69B of the Act. Accordingly, the orders impugned in this appeal as well as in the writ petition, are set aside and the Respondent is directed to grant an opportunity of hearing to the appellant and to pass orders afresh, within a period of 12 weeks from the date of receipt of a copy of this judgment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h computation of income of the firm from all sources during the year. 4. Please furnish the address of office(s) shop, branch (if any) and the godown. 5. Please furnish copy of partnership deed of the firm, codicil deed (if any). 6. Please furnish complete family tree of the partners of the firm, with name, age, occupation and assessment details. 7. Please furnish details of house properties owned by your firm. 8. Please furnish the details of unsecured loans, with name and present communication address of the creditors, PAN, date and mode of receipt of the loan, interest payable and purpose of the loan. 9. Please furnish copies of statement of all bank accounts of the firm of the Financial Year 2019-20. Also, please give details of the Bank accounts including F.D. And credit cards in the following format: Name and address of the bank with branch Account No. and type of account Interest received / accrued/ debited Balance as on 31 st March of the previous year 10. Please give the details of all ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... documentary evidence explaining the source of purchase of excess stock to the tune of Rs. 3,10,20,813/-. xi) Aggrieved by the order of assessment, the appellant preferred WP. No.29242 of 2022 before the writ court. By the order impugned herein, the learned Judge disposed of the said writ petition, by granting liberty to the appellant to file a statutory appeal before the appellate authority. Challenging the same, the present writ appeal came to be filed. 3. It was submitted by the learned counsel for the appellant that they were led to believe that their explanation in respect of alleged stock variation which was originally fixed at Rs. 3,86,63,654/- has been accepted, except for a sum of Rs. 29,36,013/-, inasmuch as in the notice dated 16.08.2022 explanation was called for only in respect of Rs. 29,36,013/-. The appellant had thus submitted its response vide letter dated 18.08.2022 only with regard to the alleged difference of Rs. 29,36,013/-. To appreciate the above submission, it may be relevant to extract the notice dated 02.08.2022, wherein it was proposed to treat Rs. 3,83,63,654/- representing excess value of stock and liable to be treated as unexplained investment, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is reworked on the basis of GP rate @ 14.19% offered by the assessee himself, which is tabulated as under: Descriptions Amount (in Rs. ) Amount (in Rs. ) Entire stock valued at MRP 3,86,63,654 Less Margin at 14.19% 54,84,373 Net Stock Value arrived 3,31,79,231 2. Further the assessee had submitted the details explaining the source of the above stock which is tabulated as under: Descriptions Amount (in Rs. ) Amount (in Rs. ) Sundry Creditors payable 1,76,69,267 Borrowed capital 1,50,74,001 Less Amount paid towards Rent 25,00,000 Balance Loan us ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sulted in the appellant not putting forth any further explanation in respect of the alleged excess stock over and above Rs. 29,36,013/-, thereby resulting in violation of principles of natural justice. 8. Now, with regard to the rejection of the writ petition on the ground of availing of alternative remedy, it is trite law that Courts would be loathe to entertain a writ petition if alternate remedy is available. However, the rule of alternate remedy is a self-imposed restriction, to which the Courts have carved out exceptions some of them being violation of principles of natural justice, lack of jurisdiction and error apparent on the face of record inasmuch as we have already find that the impugned order suffers from violation of principles of natural justice and the same warrants interference under Article 226 of the Constitution of India. 9. In the given circumstances, we are inclined to remand the matter back to the assessing authority, who shall grant one more opportunity to the appellant to put forth its explanation / objection in respect of excess stock, which has been treated as unexplained investment under Section 69B of the Act. Accordingly, the orders impugned in ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
