2023 (8) TMI 518

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...., Senior Counsel, for M/s.T.Sathya Selvi appearing for the petitioner and Mr.N.Dilip Kumar, Standing Counsel appearing for the respondents. Perused the material documents available on record. 3. The brief facts of the case are that the petitioner is engaged in trading of all sorts of waste materials especially old newspaper, old craft paper, box records scarp materials etc. No brokers are engaged, the petitioner connect the existing suppliers to the needy customer, hence no storage of materials but the transaction is end to end. The petitioner filed IT Returns on 30.12.2021 wherein the petitioner has set off carried forward business loss pertaining to AY 2017-2018 and has declared NIL return. The return was taken for scrutiny for the Asses....

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.... that it was inadvertent. The respondents negatived the claim and stated that the petitioner has not placed stock register, income tax returns of other parties which the petitioner has no access, thereby the respondents have fixed responsibility on the petitioner to prove seller's return and other particulars of the seller. However, without accepting the explanation the respondents have passed an assessment order dated 22.12.2022, aggrieved over the petitioner had preferred statutory appeal. In the meanwhile, the petitioner has received a demand notice dated 14.06.2023 to pay 25% of the assessed amount i.e., a sum of Rs. 4,47,36,896. Challenging the assessment order and the demand notice the writ petitioner is before this Court. 6. However....

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....of Income Tax is only the reviewing authority. It is only when the assessing officer makes a reference or if the assessee is aggrieved by the order passed by the assessing officer, by virtue of Circular dated 29.02.2016, the Principal Commissioner of Income Tax will get the jurisdiction to exercise his power under Section 220(6) of the Act and not otherwise. In other words, he cannot assume the jurisdiction in the first instance. The assessees must also ensure that the petition filed under Section 220(6) of the Act contain all the relevant particulars so that the assessing officer can pass an appropriate order by bearing in mind the trinity principles. The order passed by the assessing officer will hold good and will have to give away as an....