9911796707
TMI Blog2023 (8) TMI 725X X X X Extracts X X X X X X X X Extracts X X X X ..... Tax Act, 1961 [for short, 'the Act'] while seeking directions to the fourth respondent to lift the attachment of his bank account bearing No. 04260010000559 with M/s Kotak Mahindra Bank. 2. Sri Malhar Rao K, the learned counsel for the petitioner, submits that the impugned assessment order is consequent to the documents purportedly seized during the search at the petitioner's business premises. The transactions, which even according to the impugned assessment order relate to the period between 2014 to 2019, have been brought into assessment for the assessment year 2021-22, and it would be irrefutable that these transactions cannot be brought into assessment during the current assessment year 2021-22. This has resulted in additional income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... undisputed that the aforesaid transactions relate to the assessment years much prior to the present assessment year 2021-22, this Court is of the considered view that the third respondent should have considered framing the assessment in the light of the petitioner's specific defense that the transactions which relate to earlier assessment years could not have been assessed or brought to tax in the current assessment year. The impugned assessment order does not consider this aspect at all and as such, there must be interference on this ground. 6. Insofar as the other ground it would 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 noti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of these 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 bearing No. 04260010000559 subject to maintaining a certain reasonable minimum balance. For the foregoing, the following: ORDER [i] The writ petition is allowed in part and the third respondent's assessment order dated 29.12.2022 as 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 f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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