9911796707
TMI Blog2024 (2) TMI 113X X X X Extracts X X X X X X X X Extracts X X X X ..... ce under Section 142(1) of the Income Tax Act, 1961 (the said Act) dated 19.10.2023; (b) impugned Notice under Section 148 of the said Act dated 31.3.2023; (c) impugned order under Section 148A(d) of the said Act dated 31.3.2023, and (d) impugned Notices under Section 148A(b) of the said Act dated 20.3.2023 and 25.3.2023. 3. As per contentions of learned Senior Counsel Shri J.T. Gilda for the petitioner, the petitioner, who is Chairman and Managing Director of M/s. Meditrina Institute of Medical Sciences Pvt. Ltd., is Assessee. Whereas, respondent No. 1 is Assessing Authority who has issued impugned Notices and order, as referred above. The petitioner has consistently paid taxes on time and has never defaulted on any of the tax payments. O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 148A(b) of the said Act, shows that as per information shared by the Deputy Director, Nagpur, huge cash was received by VRG Healthcare Pvt.Ltd. in the form of cash sheet. It is reported that entries in cash sheets are not recorded in the books of VRG Healthcare Pvt.Ltd.. It is further seen that cash withdrawal entries in the name of Dr. Sameer Paltewar for imprest money, business deals, and refund etc. amount to Rs .2,39,65,000/- are not reflected in the audited books of accounts of VRG Healthcare Pvt.Ltd.. These unaccounted withdrawal from the VRG Healthcare Pvt. Ltd. constitute unaccounted income. 7. The petitioner replied to the show cause notice on 25.3.2023 whereby he categorically explained that it was not in compliance with C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ashish Agarwal, reported in (2023)1 SCC 617, the Honourable Apex Court in paragraph No. 19 of the said decision has held that by way of Section 148A, the procedure has now been streamlined and simplified. It provides that before issuing any notice under Section 148, the assessing officer shall (i) conduct any enquiry, if required, with the approval of specified authority, with respect to the information which suggests that the income chargeable to tax has escaped assessment; (ii) provide an opportunity of being heard to the assessee, with the prior approval of specified authority; (iii) consider the reply of the assessee furnished, if any, in response to the show cause notice referred to in clause (b); and (iv) decide, on the basis of mater ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r Counsel further submitted that though the petitioner by reply requested for personal hearing, the same was not granted to the petitioner and, therefore, the action initiated by respondent No. 1 is illegal and as such, effect and operation of the impugned Notices deserve to be stayed. 11. Learned counsel Shri Bhushan Mohta, appears for respondents and submits that the Assessment Authority has already followed due procedure and, thereafter, the action was initiated. He seeks time to take necessary instructions from the respondents and to file reply. 12. Learned counsel Shri Bhushan Mohta, waives service of Notices for respondents so also for newly added respondent No. 3. 13. Stand over to 5.12.2023. 14. In the meanwhile, effect and oper ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
