2023 (9) TMI 756

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....mpugned Assessment order dated 13.08.2021 for the Assessment year 2018-2019. The impugned order has been passed in accordance with Section 144B of the Income Tax Act, 1961 as in force from 01.04.2021 read with E-Assessment Scheme, 2019 which was in force prior to the aforesaid date. The petitioner appears to have inherited shares which were held in petitioner's father's name in Larsen and Turbo Limited. The shares that were purchased by their father during his life time were sold on various dates during the first and fourth week of April 2017 for the total sale consideration of Rs. 10,78,75,699.11/- by the petitioner along with his siblings. The total number of 301,206 shares that were sold were of Larsen and Turbo Limited. 3. Th....

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....he petitioner was specifically called upon either file written reply objecting to the proposed/modification and/or if required the petitioner could request for a personal hearing so as to make oral submissions or present his case after filing of written reply. On approval of the request, personal hearing was to be conducted through Video Conferencing. In case, no response was received within the given time and date, the Assessment was to be finalized as per the Draft Assessment Order. 7. The petitioner also responded to the same on 26.04.2021 and also the petitioner has uploaded an affidavit from his mother which has been now extracted in the impugned order. 8. The learned Senior Counsel for the petitioner would submit that the impugn....

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....against the impugned order. That apart, it is submitted that the petitioner has not replied to the show Cause Notice cum Draft Assessment order dated 22.04.2021. 11. The petitioner had merely uploaded an affidavit of his mother which is not sufficient. It is further submitted that petitioner ought to have uploaded a proper reply/representations to the draft Assessment order cum Show Cause Notice dated 22.04.2021 in absence of the proper response from the petitioner. 12. I have considered the arguments advanced by the learned Senior counsel for the petitioner and the learned Senior Panel Counsel for the respondents. 13. The operative portion of the impugned order reads as under: 6. Mere filing of the affidavit does not prov....