Reassessment under s.148A held valid; s.69 additions totaling Rs.7,00,000 deleted after acceptable contemporaneous explanations for property investmen...
Adjudication set aside; Rule 9 valuation based on internet engineer report quashed for Rule 3(4) non-compliance; Section 138B cross-examination requir...
The HC granted ad-interim relief, holding that the impugned notices and the assessment order dated 31.03.2022 are stayed and respondents, successors, subordinates and agents are restrained by injunction from taking further steps; prima facie the AO lacked jurisdiction to treat the Section 148 notice as a show-cause under Section 148A(b) or to pass an order under Section 148A(d), and no subsequent assessment has been completed. The court directed the Revenue to deposit Rs. 1,63,45,488 into court pending further orders, finding the recovery/adjustment from the petitioner prima facie impermissible and rejecting the Revenue's ITBA-based contention.
The HC granted ad-interim relief, holding that the impugned notices and the assessment order dated 31.03.2022 are stayed and respondents, successors, subordinates and agents are restrained by injunction from taking further steps; prima facie the AO lacked jurisdiction to treat the Section 148 notice as a show-cause under Section 148A(b) or to pass an order under Section 148A(d), and no subsequent assessment has been completed. The court directed the Revenue to deposit Rs. 1,63,45,488 into court pending further orders, finding the recovery/adjustment from the petitioner prima facie impermissible and rejecting the Revenue's ITBA-based contention.
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