Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2022 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (9) TMI 193 - HC - Income TaxReopening of assessment u/s 147 - Validity of impugned order u/s 148A(d) as without jurisdiction or illegal - unsecured loan and cash deposit in two bank accounts - HELD THAT:- Prima facie, the petitioner had an explanation with respect to cash deposits in the aforesaid two savings bank accounts. However, so far as unsecured loan is concerned, the petitioner could not submit any credible evidence alongwith its reply to establish credit worthiness of the lender i.e. M/s Arrow Netmart Pvt. Ltd. Therefore, prima facie, the Assessing Authority had some relevant material before him to assume jurisdiction for initiating re-assessment proceedings under Section 147/148 of the Act, 1961. Thus, since the Assessing Authority has some relevant material in his hands, therefore, the impugned order under Section 148A(d) of the Act, 1961 cannot be said to be without jurisdiction or illegal. Writ petition is dismissed leaving it open for the petitioner to participate in the proceedings pursuant to the impugned notice under Section 148 of the Act, 1961.
|