2021 (5) TMI 529

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....dent Through: Mr. Kunal Sharma, Advocate O R D E R [Court hearing convened via video-conferencing on account of COVID-19] CM APPL. No.16224/2021 1. Allowed, subject to just exceptions. CM APPL. No.16225/2021 2. This is an application filed on behalf of the petitioner seeking exemption from, filing attested affidavits along with the writ petition, and extension of time in depositi....

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....sment order shows that additions, under Section 68 of the Income Tax Act, 1961 [in short "the Act"], have been made in respect of share capital, share premium and unsecured loan, which are set out in paragraph 9 of the impugned assessment order. 6.1. The additions made by the Assessing Officer [in short 'AO'] to the declared income of the petitioner, amount to Rs. 16, 83,95,000/-. 6.2. The AO h....

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....scrutiny, where the Assessing Officer proposes to make additions or disallowances, the assessee would be given a fair opportunity to explain his position on the proposed additions/disallowances in accordance with the principle of natural justice. In this regard the Assessing Officer shall issue an appropriate show-cause notice duly indicating the reasons for the proposed additions/disallowances al....

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....2(1) of the Act. 8.1. It is contended by Mr. Sharma that, in effect, the aforementioned steps taken by the AO, prior to passing the impugned assessment order, substantially, complied with the requirement of the show-cause notice, as envisaged under paragraph 4 of the CBDT instruction, dated 29.12.2015. In other words, according to Mr. Sharma, there has been no breach of the principles of natura....