2024 (2) TMI 642

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he Petitioner : K.P. Pradeep, T.T. Biju, T. Thasmi, M.J. Anoopa For the Respondent : Ajith Kumar-SC JUDGMENT The petitioner company got incorporated under the provisions of the Companies Act, 2013. The petitioner company is engaged in trading of construction materials and hardware goods. It appears that the petitioner company had a run with bad financial management, and therefore, the Bank o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....n 144 of the Income Tax Act has been issued on 26.12.2023 to the petitioner giving him an opportunity to show, why the assessment should not be completed under Section 144 of the Income Tax Act and an amount of Rs. 4,33,57,333/- should not be treated as an unexplained income under Section 69A of the Income Tax Act. Petitioner has filed a reply to the said notice on 05.01.2024. Thereafter, notice d....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....anaging Director. 7. Adv. Ajith Kumar, the learned Standing counsel for the respondents submits, that for the past one year the petitioner has been seeking time and has not complied with the notices issued to him. The petitioner has not filed its return. There is an unexplained income of the petitioner of Rs. 4,33,57,333/-. He however submits that he would leave it to the discretion of this court....