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TMI Blog2024 (10) TMI 175X X X X Extracts X X X X X X X X Extracts X X X X ..... ture u/s 69C r.w.s.115BBE - HELD THAT:- Without providing reasonable time to the petitioner, the proposed variation was confirmed. In these circumstances, the interest of justice warrants that a reasonable opportunity be provided to the petitioner. Therefore, the impugned assessment order dated 26.03.2024 is set aside and the matter is remanded to the first respondent for reconsideration. The petitioner is permitted to submit a detailed reply by enclosing all relevant documents within fifteen days from the date of receipt of a copy of this order. In order to enable the petitioner to upload such reply, the respondents are directed to provide access to the portal. Upon receipt of the petitioner's reply, the first respondent is directed to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t that the show cause notice proposing the variation was issued on 19.03.2024 calling upon the petitioner to show cause on or before 20.03.2024. In spite of a request for further time, he submitted that the time was extended by only one day. Within the limited time, he pointed out that the petitioner submitted a response on 21.03.2024 and also requested that if any further information is required, the petitioner would provide such information. By adverting to the impugned assessment order, learned counsel points out that the proposed variation was confirmed on the ground that the petitioner failed to provide invoices, income statements and the like. He also pointed out that the entire expenses of Rs.16,20,67,647/- were treated as unexplaine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,20,67,647/- as unexplained expenditure and added back to the income of the assessee u/s 69C r.w.s 115BBE of the Act. Further I am satisfied that assessee is liable for penalty u/s 271AAC on account of addition made u/s 69C of the Act. I therefore initiate penalty u/s 271AAC of the Act. 5. From the above extracts, it is evident that the respondents refused to provide further time since the limitation period expires on 31.03.2024. By refusing further time, the entire expenses claimed by the assessee of the aggregate value of Rs.16,20,67,647/- were added to the income of the assessee as unexplained expenditure. Thus, without providing reasonable time to the petitioner, the proposed variation was confirmed. In these circumstances, the interest ..... X X X X Extracts X X X X X X X X Extracts X X X X
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