https://www.taxtmi.com/caselaws?id=756853 The HC dismissed a writ petition challenging an order under Section 264 regarding unexplained investment in property purchase. The petitioner partnership firm failed to prove that Rs. 1,01,00,000 used for a mortgage deed came from partners' personal funds rather than firm resources. The court found the firm had rental income sufficient for the transaction. The petitioner's objection regarding non-issuance of notice under Section 143(2) within six months was rejected as it was raised for the first time and not before the original authority. Section 292BB creates legal fiction deeming notices valid when assessees participate in proceedings, making the assessment valid despite procedural defects. en-us Thu, 25 Jul 2024 00:00:00 +0530 Fri, 09 Aug 2024 12:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756853 The HC dismissed a writ petition challenging an order under Section 264 regarding unexplained investment in property purchase. The petitioner partnership firm failed to prove that Rs. 1,01,00,000 used for a mortgage deed came from partners' personal funds rather than firm resources. The court found the firm had rental income sufficient for the transaction. The petitioner's objection regarding non-issuance of notice under Section 143(2) within six months was rejected as it was raised for the first time and not before the original authority. Section 292BB creates legal fiction deeming notices valid when assessees participate in proceedings, making the assessment valid despite procedural defects. Case-Laws Income Tax Thu, 25 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756853