2024 (2) TMI 113

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....ndent No. 1, including (a) impugned Notice under Section 142(1) of the Income Tax Act, 1961 (the said Act) dated 19.10.2023; (b) impugned Notice under Section 148 of the said Act dated 31.3.2023; (c) impugned order under Section 148A(d) of the said Act dated 31.3.2023, and (d) impugned Notices under Section 148A(b) of the said Act dated 20.3.2023 and 25.3.2023. 3. As per contentions of learned Senior Counsel Shri J.T. Gilda for the petitioner, the petitioner, who is Chairman and Managing Director of M/s. Meditrina Institute of Medical Sciences Pvt. Ltd., is Assessee. Whereas, respondent No. 1 is Assessing Authority who has issued impugned Notices and order, as referred above. The petitioner has consistently paid taxes on time and has nev....

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....f which the show cause notice was issued under Section 148A(b) of the said Act, shows that as per information shared by the Deputy Director, Nagpur, huge cash was received by VRG Healthcare Pvt.Ltd. in the form of cash sheet. It is reported that entries in cash sheets are not recorded in the books of VRG Healthcare Pvt.Ltd.. It is further seen that cash withdrawal entries in the name of Dr. Sameer Paltewar for imprest money, business deals, and refund etc. amount to Rs .2,39,65,000/- are not reflected in the audited books of accounts of VRG Healthcare Pvt.Ltd.. These unaccounted withdrawal from the VRG Healthcare Pvt. Ltd. constitute unaccounted income. 7. The petitioner replied to the show cause notice on 25.3.2023 whereby he categorica....

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....he decision in the case of Union of India and ors vs. Ashish Agarwal, reported in (2023)1 SCC 617, the Honourable Apex Court in paragraph No. 19 of the said decision has held that by way of Section 148A, the procedure has now been streamlined and simplified. It provides that before issuing any notice under Section 148, the assessing officer shall (i) conduct any enquiry, if required, with the approval of specified authority, with respect to the information which suggests that the income chargeable to tax has escaped assessment; (ii) provide an opportunity of being heard to the assessee, with the prior approval of specified authority; (iii) consider the reply of the assessee furnished, if any, in response to the show cause notice referred to....