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TMI Blog2024 (2) TMI 642X X X X Extracts X X X X X X X X Extracts X X X X ..... essment u/s 144 - Failure to file ITR in response to notice u/s 148 r.w.s. 142(1) due to medical reasons and recovery proceedings against the company under the provisions of SARFAESI Act - unexplained income under Section 69A - HELD THAT:- Managing Director of the company is suffering with certain kind of mental illness and for that reason the relevant documents could not be submitted by the peti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... USTICE DINESH KUMAR SINGH For the Petitioner : K.P. Pradeep, T.T. Biju, T. Thasmi, M.J. Anoopa For the Respondent : Ajith Kumar-SC JUDGMENT The petitioner company got incorporated under the provisions of the Companies Act, 2013. The petitioner company is engaged in trading of construction materials and hardware goods. It appears that the petitioner company had a run with ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Tax Act, 1961. 4. A show cause notice under Section 144 of the Income Tax Act has been issued on 26.12.2023 to the petitioner giving him an opportunity to show, why the assessment should not be completed under Section 144 of the Income Tax Act and an amount of Rs. 4,33,57,333/- should not be treated as an unexplained income under Section 69A of the Income Tax Act. Petitioner has filed a reply ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cuments, as a last chance. Considering the illness of the Managing Director. 7. Adv. Ajith Kumar, the learned Standing counsel for the respondents submits, that for the past one year the petitioner has been seeking time and has not complied with the notices issued to him. The petitioner has not filed its return. There is an unexplained income of the petitioner of Rs. 4,33,57,333/-. He however s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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