TaxTMI 
TaxTMI 
2023 (11) TMI 199
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....was said to be trading of stocks and shares from 01.04.2003. The petitioner claims to have retired from the said partnership firm with effect from 31.03.2011. 3. It is further case of the petitioner that her husband (late) Sripal Kumar Jain, who died on 07.09.2021 was carrying on business of the partnership firm in the same name as a proprietor. It is further submitted that the petitioner's husband (Late) Sripal Kumar Jain continued to file regular income tax returns as an assessee and was being assessed to income tax on the income. 4. It is submitted that the only mistake that appears to have been committed by the petitioner's late husband was that the PAN number of the firm which stood dissolved on the said date was continued to....
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.... further submitted that despite providing ample opportunities, the petitioner choose to remain silent and failed to answer to the notice issued under Section 142(1) of the Income Tax Act, 1961. 11. It is submitted that only a partial reply was given to the show cause notice which was not convincing and therefore, an order has been passed by adding the amounts to a sum of Rs.9.41 crores as undisclosed income (from equity transactions) and Rs.6.4 crores as unexplained investment (by way of cash deposit) under Section 69 r/w Section 115 BBE of the Income Tax Act, 1961. 12. It is further submitted that the petitioner has alternative remedy by way of an appeal before the Appellate Commissioner and therefore, n this ground also, the Writ Petiti....