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2023 (5) TMI 474 - HC - Income TaxValidity of orders and notices issued u/s 148 - Quantum of escaped income - determination of period of limitation - Unsecured loans taken from related and unrelated parties during FY 2014-15 - dispute with regard to the quantum of loan - HELD THAT:- Strangely, the AO while noticing the reply filed by the petitioner, has adverted to the amount said to have been repaid by the petitioner to the Jain brothers - This aspect of the matter emerges by reading together both paragraph 8.1 of the order passed under Section 148A(d) and the order dated 16.03.2023, whereby the objections filed by the petitioner were disposed of by the AO. There is a complete non-application of mind. The payment of loan by the petitioner could not have been added to the loan amount, which the petitioner claims, was received from unrelated parties - the attempt appears to be to, somehow, take the amount which, according to the AO, escaped assessment, over the threshold limit of Rs. 50 lakhs. The impugned order passed under Section 148A(d), the consequential notice issued under Section 148 of the Act and the order dated 16.03.2023 cannot be sustained - Petition disposed off.
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