2023 (5) TMI 1284

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..../2023 [Application filed on behalf of the petitioner seeking interim relief] 2. Issue notice. 2.1 Mr Abhishek Maratha, learned senior standing counsel, accepts notice on behalf of the respondent/revenue. 3. Given the directions that we propose to issue, Mr Maratha says that no counter-affidavit is required to be filed, and he will rely on the record presently available with the Court. Therefore, with the consent of the counsel for the parties, the matter is taken up for final hearing and disposal, at this stage itself. 4. This writ petition concerns Assessment Year (AY) 2017-18. The allegation levelled against the petitioner via notice dated 19.05.2022 issued under Section 148A(b) of the Income Tax Act, 1961 [in short, "Act"] is....

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.... had escaped assessment. The rationale provided for the same is contained in paragraph 7 of the said order. For the sake of convenience, the same is extracted hereafter: "7. Reply of the assessee has been considered. Due to certain mistake in the information provided, earlier it was believed that the assessee had sold the immovable property. However, it is now clear that the assessee had indeed purchased the immovable property. The following points are notable in context of the information available on record: (i) Assessee has though claimed that it had filed reply to the notice u/s 133(6) dated 25.03.2021. Though there is nothing on record to prove that the assessee had filed any reply. (ii) From the verification....

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....d. (iii) Apart from sourcing the consideration from its own funds, loan had also been taken to supplement the purchase consideration. 10. Insofar as the balance sheet is concerned, our attention has been drawn to page 75 of the case file. The details of the bank account are provided on page 87 of the case file. 10.1 Likewise, in support of his plea, that loan had been availed to the extent of Rs. 6.75 cores, our attention has been drawn to the certificate issued by HDFC Bank. Reliance in this regard is placed on document marked as Annexure P-9, appended on page 137 of the case file. 11. In our view, these are facts which are material, and could not have been given a short shrift, as has been done by the AO. Mr Jain is....