Court Grants Six-Week Extension for Filing 2019-2020 Tax Return Amid Non-Compliance Threatening Final Assessment.

The HC disposed of the petition involving non-filing of income tax returns for the assessment year 2019-2020. Despite multiple notices under Sections 148 and 142(1) of the Income Tax Act, the petitioner company failed to comply. A show cause notice under Section 144 addressed unexplained income of Rs. 4,33,57,333/-. The court granted the petitioner an additional six weeks to file the return and submit necessary documents, warning that failure to do so would result in the revenue finalizing the assessment under Section 144.

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Issues involved:
The issues involved in the judgment are non-filing of income tax return, notices issued under different sections of the Income Tax Act, unexplained income, and granting of time for submission of relevant documents.

Non-filing of Income Tax Return:
The petitioner company did not file the return of income for the assessment year 2019-2020 despite being issued a notice under Section 148 of the SARFAESI Act. An order was passed under Section 148(b) due to non-compliance with the notice.

Not Complying with Notices:
The petitioner failed to file the return or comply with the notices issued under Section 142(1) of the Income Tax Act after being issued a notice under Section 148 for filing the return.

Unexplained Income and Show Cause Notice:
A show cause notice was issued under Section 144 of the Income Tax Act, giving the petitioner an opportunity to explain why an amount of Rs. 4,33,57,333/- should not be treated as unexplained income under Section 69A. The petitioner replied to the notice, but subsequently, another notice was issued for adding the variation amount.

Granting of Time for Submission of Documents:
The counsel for the petitioner requested for a further six weeks to produce relevant documents due to the Managing Director's mental illness. The Standing counsel for the respondents highlighted the petitioner's history of seeking time without compliance. The court disposed of the petition, granting the petitioner six weeks to file the return and submit all requisite documents, failing which the revenue will proceed to finalize the assessment under Section 144 of the Income Tax Act.

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