Court Orders Assessing Officer to Substantiate Allegations, Grants Petitioner Personal Hearing

The court directed the Assessing Officer to substantiate the fictitious loan allegation against the petitioner with relevant material, allowing the petitioner to rebut and have a personal hearing before assessment. The writ petition was disposed of in accordance with these directions, closing the pending application.

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Issues Involved:
The judgment concerns a writ petition challenging notices and an order related to Assessment Year 2019-20, specifically addressing the allegation of a fictitious loan and income escaping assessment.

Assessment of Alleged Fictitious Loan:
The petitioner was accused of benefiting from an accommodation entry via a company, BKR Capital Pvt. Ltd., by allegedly taking a fictitious loan of Rs. 40,00,000. The respondents relied on a statement by Mr. Bajrang Lal Periwal, suggesting control over BKR. The petitioner countered by providing evidence that the amount was deposited, not borrowed, from his savings bank account at Standard Chartered Bank's Defence Colony branch. The court noted discrepancies in the petitioner's reply but directed the Assessing Officer (AO) to provide material supporting the loan allegation, allowing the petitioner to respond and have a personal hearing before framing the assessment order.

Order for Disposal:
The court ordered the writ petition to be disposed of with directions for the AO to substantiate the loan allegation with relevant material, allowing the petitioner to rebut and have a personal hearing before assessment. The judgment concluded by disposing of the writ petition in accordance with the provided terms, closing the pending application.

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