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TMI Blog2023 (11) TMI 36X X X X Extracts X X X X X X X X Extracts X X X X ..... espondents Through: Mr Shlok Chandra, Sr Standing Counsel with Ms Priya Sarkar, Standing Counsel. RAJIV SHAKDHER, J. (ORAL): CM No.40781/2023 1. Allowed, subject to just exceptions. W.P.(C) 10513/2023 & CM No. 40780/2023 [Application filed on behalf of the petitioner seeking interim relief] 2. Issue notice. 2.1 Mr Shlok Chandra, learned senior standing counsel, accepts notice on behalf of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er to two persons, i.e., Mr Sriram Jayaraman Subramanian and Ms Kamakshi Sriram Iyer for a cumulative amount of Rs. 1,20,25,000/-. 6.1 According to Mr Gulati, the petitioner had purchased the subject immovable property in 2010 for Rs. 75,45,096/-. 6.2 It is also Mr Gulati's submission that the purchase of the subject property was partly funded through a loan taken from ICICI Bank amounting to Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deed/agreement to sell, certificate of transfer of rights by the builder and/or the possession letter. 9.1 Mr Gulati says that had these documents been asked for, they would have been submitted by the petitioner, 10. A perusal of the order passed under Section 148A(d) of the Act shows that, according to the AO, he appears to be moving to the position that income amounting to Rs. 1,19,40,919/- ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ereinabove). 15. The AO will also deal with the stand of the petitioner that the subject property which was sold, was bought in and about 2010, at the price indicated hereinabove. 16. Therefore, the AO will, in any event, deal with Mr Gulati's submission that notwithstanding the fact that Return of Income (ROI) had not been filed, the escaped income would not exceed Rs. 50,00,000/-. 17. This ex ..... X X X X Extracts X X X X X X X X Extracts X X X X
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