2023 (5) TMI 1294

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..... And Mr. Gauri Shankar Gupta, Adv. For the Respondents : Mr. Tilok Mitra, Adv., Mr. Amit Sharma, Adv. ORDER The Court: Heard learned advocates appearing for the parties. By this writ petition, petitioner has challenged the legality of the impugned order under Section 148A(d) of the Income Tax Act, 1961 dated 7th April, 2023 relating to assessment year 2016-17. Main allegation of the petitioner .....

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..... n of the document the assessing officer has found credible evidence of actual borrowings and not potential in nature. It has also been recorded by the assessing officer in the impugned assessment order that it is evident that the assessee has availed cash loan to the tune of Rs. 40,70,00,000/- through finance broker named Kaseras from different lenders namely Uma Shankar Kasera and it has also bee .....

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..... nor the impugned order has been passed by an officer having inherent lack of jurisdiction which is based on facts and findings and materials evidence. The aforesaid factors should not be ignored. In addition the order under Section 148A(d) of the Act is neither a final assessment order nor any demand arises out of such order and petitioner still will have ample opportunity and scope to make out a .....

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