2023 (3) TMI 105

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....is required to be filed. 4.1 Therefore, with the consent of the learned counsel for the parties, the writ petition is taken up for hearing and final disposal, at this stage itself. 5. This writ petition is directed against the order dated 23.12.2022 passed by the Assessing Officer (AO) under Section 220(6) of the Income Tax Act, 1961 [in short "Act"] concerning Assessment Year (AY) 2020-2021. 6. The impugned order was passed, based on applications dated 16.11.2022 and 05.12.2022 filed by the petitioner, to stay the demand amounting to Rs.7,43,46,066/-. 6.1 The petitioner had asked for stay of demand, and waiver of 20% of the demand. Via the impugned order, the AO has scaled down the demand, pending the adjudication of the appeal preferr....

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....on this, the Assessing Officer (AO) has concluded, that at least purchases worth Rs.55,87,13,094/- were made from bogus entities and non-filers of income tax returns. 12.2 Accordingly, the AO has disallowed bogus purchases, albeit to meet the ends of justice, amounting to Rs.6,98,39,136/- [being 12.5% of Rs 55,87, 13,094/-]. 12.3 The addition has been made, by taking recourse to Section 69C of the Act, on the ground that the said purchases are unexplained. 13. It is in these circumstances, that the assessed income has ballooned to Rs.7,46,03,080/- from the declared taxable income, amounting to Rs.47,63,940/-. 14. Learned counsel for the petitioner says, that apart from the fact that this is a case of a high-pitched assessment, the rate ....