2023 (5) TMI 1226

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.... 2019-20 and the legality and validity of the subsequent notice under Section 148 of the said Act. I have perused the aforesaid impugned order and considered the reasonings and findings given by the assessing officer based on material evidence and find that the same has been passed after recordings the submissions and objections of the petitioner. The main objection of the petitioner against findings and recording in the aforesaid impugned order is that the assessing officer does not have any material evidence against the petitioner and the documents provided to him does not corroborate the allegation and that no incriminating documents were provided to him and that the documents provided by the investigation wing to the assessing officer ....

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....volved in the taking of cash loan as stated above. In view of the report received and the submission of the assessee as above and after considering the same, I am of the view that income chargeable to tax has escaped assessment in the case of the assessee for the assessment year under consideration. Therefore, this is a fit case for issue of notice u/s 148 of the Income Tax Act, 1961, the income amounting to Rs.10,36,00,000/- chargeable to tax, represented in the form of entry or entries in the books of account (loan transaction) has escaped assessment in this case." Considering the facts and circumstances of the case and the submissions of the parties and the aforesaid impugned order, I find that this is not a case which falls in thos....

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....nvolved and thereafter Rukka is destroyed on repayment of loan. Genrally, the borrower pays a fixed amount of commission/brokerage to the broker involved in the transaction and the general rate of brokerage is ranging from 1.5 to 2.4 per cent of the principal amount. It appears from record which the assessing officer has annexed to the notice under Section 148A(b)and order under Section 148A(d) of the Act that some of the documents which established the involvement of the petitioner in such type of transactions with the said Anil Kasera and there are names of many other persons who are involved in this type of transactions adopting same modus operandi. There is also finding of the assessing officer in the impugned order under Section 148A(d....