TMI Blog2023 (8) TMI 725X X X X Extracts X X X X X X X X Extracts X X X X ..... ct and has filed financials, if the reassessment is reframed under Section 143(3) of the Act upon examination of all questions there would be no room for the grievance that the proceeding, which is begun for the best judgment assessment, has resulted in an order under Section 143(3) of the Act. On a careful consideration of the submissions, and the undisputed fact that the balance is about Rs. 1,25,00,000/- this Court is of the view that the third respondent must reframe the assessment order for the relevant year expeditiously within a time frame and the petitioner until then should be permitted to operate his account with M/s Kotak Mahindra Bank subject to maintaining a certain reasonable minimum balance. Order:- Writ petition is a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that these transactions cannot be brought into assessment during the current assessment year 2021-22. This has resulted in additional income of Rs. 12,49,86,194/- [Rs. Rs. 12,29,86,194/- + Rs. 20,00,000/-] (The assertion is also that Rs. 20,00,000/- is taken twice, one as part of advances during the period 2014-15 and another as protective addition.) . 3. Sri Malhar Rao K further submits that according to the impugned assessment order, the notice is issued under Section 144 of the Act, and the petitioner is not served with this notice. However, it is undisputed that as the petitioner has appeared before the assessing officer on 13.12.2022 and 24.12.2022, the assessment order is framed under the provisions of Section 143(3) of the Act. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... suffice for this Court to observe that, in the peculiarities of this case viz ., the petitioner has appeared before the assessing officer after issuance of notice under Section 144 of the Act and has filed financials, if the reassessment is reframed under Section 143(3) of the Act upon examination of all questions there would be no room for the grievance that the proceeding, which is begun for the best judgment assessment, has resulted in an order under Section 143(3) of the Act. 7. The next question that this Court will have to consider is that should the petitioner be permitted to operate his account with M/s Kotak Mahindra Bank in No. 04260010000559 while the third respondent reconsiders the framing of assessment order in the light o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s per Annexure-A under Section 143(3) of the Income Tax Act, 1961 is quashed. The third respondent shall reframe assessment for the assessment year 2021-22 within six [6] weeks from the petitioner s first date of appearance after this order with due opportunity to the petitioner. [ii] The petitioner until then is permitted to operate his account with M/s Kotak Mahindra Bank bearing No. 04260010000559 subject to maintaining a minimum balance of Rs. 75,00,000/-. The petitioner without further notice shall appear before the third respondent on 05.04.2023. Hon'ble Mr Justice B M Shyam Prasad 15.03.2023 (VIDEO CONFERENCING / PHYSICAL HEARING) ORDER ON FOR BEING SPOKEN TO This petition is disposed of by this Cou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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