TMI Blog2024 (2) TMI 51X X X X Extracts X X X X X X X X Extracts X X X X ..... the petitioner has not submitted its reply to the Show Cause Notice nor filed any documents in support of its claim. In our opinion, the grounds, facts and the reasons set out of the Memorandum of Writ Petition for the purpose of contending that the inability and omission on the part of the petitioner to submit its reply and contest the proceedings, are valid and sufficient. Under these circumstances, adopting a justice oriented approach and in order to provide one more opportunity to the petitioner, without expressing any opinion on the merits/demerits of the rival contentions, we deem it just and appropriate to show last indulgence in favour of the petitioner by setting aside the impugned order and remitting the matter back to the resp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /2020-21/1032007206(1) which is enclosed as Annexure B3. d. Issue a Writ of Certiorari or direction in the nature of writ of certiorari quashing the notice initiating penalty proceedings issued under section 274 r.w.s 271AAC(1) of the Income Tax Act 1961 dated 31/03/2022 for the A.Y. 2018-19 Issued by the Respondent No. 2 bearing DIN viz., ITBA/PNL/S/271AAC(1)/2020- 21/1032007186(1) which is enclosed as Annexure B4. e. Issue a Writ of Certiorari or direction in the nature of writ of certiorari quashing the notice initiating penalty proceedings issued under section 274 r.w.s 272A(1)(d) of the Income Tax Act 1961 dated 31/03/2022 for the A.Y. 2018-19 issued by the Respondent No. 2 bearing DIN viz.,ITBA/PNL/S/272A(1)(D)_FL/2020- 21 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9/154/2019-TPL)], DATED 12-9-2019, therefore there was a genuine lapse on the part of the Petitioner in not exercising complete diligence in attending the proceeding. 4. The Petitioner submits that proceedings were taken into consideration only in the month of January 2021 after the Petitioner learnt about the notices being related to income tax proceeding for the A.Y. 2018-19 and immediately informed its auditor. However, the auditor too later informed that as he was not familiar with income tax online proceedings, he in turn engaged another professional in Bengaluru for making submissions in the month of March but due to delay in collating and supplying the details by the Petitioner to its Auditor and by Its Auditor to the consultan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 10,000.00 Building Security Deposit 50,000.00 S.C.D.C.Bank Loan-Short term DC Bank-MKCC Loan 14,92,18,000.00 NABARD Building Loan 87,50,000.00 S.C.D.C.Bank loan-Long term Loan 2,69,54,613.00 Total 29,17,94,194.12 6. The Petitioner submits that the above sum has been mistaken by the Respondent No. 2 as the unsecured loans for the year and by comparing the same with previous year's unsecured loan figure refl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om 173(SC); ii. Kerala State Co-Operative Agricultural Rural Development Bank Ltd. Vs. Assessing Officer reported in [2023] 154 taxmann.com 305 (SC); iii. Mavilayi Service Co-operative Bank Ltd., Vs. Commissioner of Income Tax, Calicut reported in [2021] 123 taxmann.com 161 (SC). 4. Per contra, the learned counsel for the respondents, submits that despite sufficient opportunity, the petitioner did not submit its response to the Show Cause Notice and as such, the respondents were left with no option but to proceed to pass the impugned order which does not warrant interference in the present petition. 5. I have given my anxious consideration to the rival submissions and perused the material on record. 6. A perusa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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