9911796707
TMI Blog2024 (11) TMI 699X X X X Extracts X X X X X X X X Extracts X X X X ..... passed without application of mind. AO has now concluded that the income, which has escaped assessment and that the petitioner had received the said amount during the financial year (FY) 2016-17. The conclusion that the petitioner had received any amount from M/s Bhagwati Developers and its group concern during FY 2016-17 is without any basis. Apparently, the AO has lost track of the allegation made in the notice issued u/s 148A (b) of the Act, which was to the effect that the petitioner had purchased a flat for a consideration which included Rs. 25,35,940/-. There was no allegation that the petitioner had received any amount from M/s Bhagwati Developers or any of its group concern. The information available with the AO is also not suggesti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 expiry of a period of three years and the information available indicates that the income that could possibly have escaped assessment is less than the threshold amount of Rs. 50,00,000/- as specified under Section 149 (1) (b) of the Act. 7. The Assessing Officer (AO) ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ner 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 in cash 7035940 2535940 Total 95,71,880 2.1. ITR of the assessee for AY 2017-18 has been perused and it gathered that the same is filed on 27.09.2018 declaring total income of Rs. 34,49,134/- only. It is noted that the assessee has not declared any income related to the aforesaid cash t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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