2024 (1) TMI 1234

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....x<br>Honourable Mr. Justice Senthilkumar Ramamoorthy For the Petitioner : Mr. B. Raveendran For the Respondent : Mr. A.P. Srinivas, Senior Standing Counsel ORDER The petitioner challenges a notice issued under Section 148 of the Income Tax Act, 1961 (the Income Tax Act). The petitioner is a partner of a partnership firm carrying on the business of dealing in plywood and glass products.....

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....idence. Therefore, he submits that the impugned notice is vitiated and warrants interference. 3. Mr.A.P.Srinivas, learned Senior Standing Counsel, accepts notice on behalf of the respondent. He submits that the notice under Section 148 was issued on the basis of a survey initiated under Section 133A. By referring to the impugned notice, he points out that several facts were unearthed in course ....

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....evidentiary value, he referred to paragraphs 13.2.2, 13.2.3 and 13.3.2 of the impugned notice and pointed out that a statement was also recorded under Section 131 of the Income Tax Act and that Section 131 confers the powers of a civil court on the officer. Therefore, he submits that no interference is warranted and that it was a fit case for initiation of proceedings for escaped assessment. 5.....

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...., availability of undisclosed or excess stock; and payment for a property being made partly from undisclosed profits. In paragraph 13.2.3 of the impugned notice, it is recorded that the statement of Sri.S.Ravichandran was not the only basis for initiating proceedings under Section 148A, and that such proceedings were initiated on the basis of the entire set of findings arising from the survey. ....