9911796707
TMI Blog2024 (11) TMI 699X X X X Extracts X X X X X X X X Extracts X X X X ..... for the respondent accepts notice. 5. The petitioner has filed the present petition, inter alia, impugning an order dated 31.08.2024 (hereafter the impugned order) passed under Section 148A (d) of the Income Tax Act, 1961 (hereafter the Act) as well as the reopening of the assessment proceedings initiated pursuant to the notice dated 31.08.2024 (hereafter the impugned notice) issued under Section 148 of the Act. 6. The petitioner has raised several grounds for assailing the impugned order and the impugned notice in this petition. However, the learned counsel for the petitioner has confined the present petition assailing the impugned notice and the impugned order on the ground that the assessment proceedings have been initiated after an e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing the petitioner's contention. 10. A plain reading of the impugned order indicates that it is ex facie erroneous and has been passed without application of mind. The AO has now concluded that the income, which has escaped assessment is Rs. 95,71,880/- and that the petitioner had received the said amount during the financial year (FY) 2016-17. Paragraph 2 of the impugned order is set out below: "2. On analysis of the aforesaid information, it has been found that the assessee has received payment in cash from M/s Bhagwati Developers & its group concerns during F.Y. 2016-17 as per details mentioned below:- Actionable AY Result Type Description Value Rs 2018-19 Undisclosed transaction Purchase of immovable property and some payment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erroneously added the value of the transaction, which includes the element of cash, and the alleged cash payment. However, the information available with the AO as disclosed does not support this computation. 13. In view of the above, the impugned order is set aside. The matter is remanded to the AO to consider afresh in the light of the information as available as well as the petitioner's reply to the notice issued under Section 148A (b) of the Act. 14. The petition is disposed of in the aforesaid terms. Pending application is also disposed of. 15. If the AO has any information other than what is articulated in the notice issued under Section 148A (b) of the Act, the AO would be at liberty to supply the same to the petitioner for elici ..... X X X X Extracts X X X X X X X X Extracts X X X X
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