https://www.taxtmi.com/caselaws?id=448835 The HC upheld the validity of the notice issued under Section 148 of the Income Tax Act for the assessment year 2019-2020. The court determined that the notice was not solely based on a statement recorded under Section 133A, which lacks evidentiary value, but also on comprehensive survey findings revealing unaccounted cash sales, excess stock, and undisclosed profits used for property purchases. Statements were recorded under Sections 133A and 131, the latter granting powers similar to a civil court. The petitioner is advised to engage in the proceedings, and the writ petition is disposed of without costs. Connected miscellaneous petitions are closed. en-us Mon, 29 Jan 2024 00:00:00 +0530 Tue, 30 Jan 2024 17:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448835 The HC upheld the validity of the notice issued under Section 148 of the Income Tax Act for the assessment year 2019-2020. The court determined that the notice was not solely based on a statement recorded under Section 133A, which lacks evidentiary value, but also on comprehensive survey findings revealing unaccounted cash sales, excess stock, and undisclosed profits used for property purchases. Statements were recorded under Sections 133A and 131, the latter granting powers similar to a civil court. The petitioner is advised to engage in the proceedings, and the writ petition is disposed of without costs. Connected miscellaneous petitions are closed. Case-Laws Income Tax Mon, 29 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448835