9911796707
TMI Blog2024 (10) TMI 187X X X X Extracts X X X X X X X X Extracts X X X X ..... petition under Article 226 of the Constitution of India, the petitioner has challenged the notice dated 30.07.2022 issued under Section 148 of the Income Tax Act, 1961 (for short 'the Act') for the Assessment Year 2015-16. 3. The brief facts of the case are as under:- 3.1 The petitioner is a legal heir of late Mahasukhlal Navnidhlal Parekh who filed the original return of income for the Assessment Year 2015-16 on 31.08.2015. 3.2 Late Mahasukhlal Navnidhlal Parekh expired on 30.09.2019. 3.3 The notice under Section 148 of the Act was issued under the old regime for reassessment for Assessment Year 2015-16 on 16.06.2021. 3.4 The petitioner filed a reply dated 23.11.2021 in response to the notice under Section 142 (1) dated 17.11.2021 and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0,000/- as the late father of the petitioner advanced loan during the year and source of which has remained unexplained and therefore there is escapement of income to that extent for the year under consideration. 4. Learned advocate Mr. S. N. Divatia for the petitioner submitted that the loan was given on 04.09.2014 and it was repaid on 21.09.2015 and therefore there cannot be any escapement of income for the year under consideration. Learned advocate Mr. Divatia also invited the attention of this Court to the reply filed by the late father of the petitioner in response to the notice under Section 133 (6) of the Act dated 29.09.2017 to point out from the bank statement that the amount was given on 04.09.2014 and the same was returned in Se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at there is no escapement of income since the amount was received by the late father of the petitioner on 04.09.2014 from Mr. Hardik Parekh and was paid by NEFT to Ms. Darshana Doshi on the same day. Similarly, the amount was received back on 19.09.2015 from Ms. Darshana Doshi and returned to Mr. Hardik Parekh. In such circumstances, there is no escapement of income of the late father of the petitioner is concerned. The reason given by the Assessing Officer for alleged escapement of Rs. 3,25,00,000/- is therefore not sustainable since there is no unexplained amount in the bank statement on record since the assessee did not retain the amount of Rs. 3,25,00,000/- and as such the ingredients of Section 68 are not attracted. 7. In such circums ..... X X X X Extracts X X X X X X X X Extracts X X X X
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