9911796707
TMI Blog2024 (12) TMI 912X X X X Extracts X X X X X X X X Extracts X X X X ..... 24 passed under Section 148A(d) of the Income Tax Act, 1961 (in short 'the Act'). The petitioner is also aggrieved by the notice issued under Section 148 of the Act for reassessment of income for the Assessment Year - 2017 - 18. 03. Facts of the case, in nutshell, are that the petitioner is a partnership firm engaged in the business of trading of gold, silver bullion and ornaments. The petitioner submitted the Income Tax Return under Section 139 of the Act on 31.08.2017 disclosing the income received from M/s Vivek Jewellers. The said return was selected for scrutiny by issuing notice under Section 143(2) of the Act. The Assessing Officer examined all the documents and passed the assessment order dated 29.12.2019 accepting the retu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the demonetisation period i.e. Financial Year - 2016 - 17, the bank account of M/s R.K. Bullion received RTGS credit amounting to Rs. 6,39,29,700/- through the bank account of M/s Vivek Jewellers and the petitioner is one of the beneficiary of the accommodation entry provided by M/s Vivek Jewellers, proprietor Nikhil Soni and the income to the extent of Rs. 6,39,29,700/- has escaped assessment from Assessment Year - 2017 - 18. 08. The petitioner submitted a detailed reply to the aforesaid notice, and thereafter, the final order was passed on 28.03.2024 because the assessee failed to explain the nature and source of Rs. 6,39,29,700/- which has escaped assessment, and recommended for issuance of show-cause notice under Section 148 of the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and notice issued under Section 148 of the Act. 10. Shri Harsh Parashar, learned counsel for the Income Tax Department submits that the present writ petition is not maintainable as the petitioner is having remedy to raise all these grounds before the competent authority, thereafter, he will have remedy to file an appeal before the appellate authority as well as before the Income Tax Appellate Tribunal. In support of the aforesaid contention, learned counsel has placed reliance upon a judgment delivered by Co-ordinate Bench in the case of Laxminarayan Patidar v/s Income Tax Officer & Another (Writ Petition No.13065 of 2022). Heard. 11. After giving opportunity of hearing to the petitioner, the order under Section 148A(d) of the Act has be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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