2024 (4) TMI 650

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...., upon receipt of notice under Section 148 of the Income Tax Act, 1961 (the Income Tax Act), the petitioner filed the return of income on 27.06.2022. In proceedings pursuant thereto, the petitioner filed responses to notices received under Sections 143(2) and 142(1). The last response of the petitioner was filed on 15.02.2024 enclosing about 18 documents. The impugned assessment order was issued in the above facts and circumstances. 3. Learned counsel for the petitioner invited my attention to the last reply dated 15.02.2024 and pointed out that the petitioner had annexed multiple documents, including the annual return in Form GSTR 9, import bills, export bills, purchase ledger, bank account statements, etc. By adverting to the operative p....

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....oner only provided partial information and that the same is recorded in the table at paragraph 2. Therefore, learned senior standing counsel submits that no indulgence should be shown to the petitioner since principles of natural justice were adhered to. 5. At the outset, it should be noticed that the petitioner failed to file the return of income for assessment year 2018-2019. Even if the petitioner's income was below the prescribed threshold, a nil return should have been filed. The documents on record indicate that the return of income was filed after receipt of notice under Section 148 and documents were submitted by the petitioner thereafter from time to time. The last reply of the petitioner on 15.02.2024 contained about 18 attac....

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....iled to disclose the sources of cash deposit in SB Account for Rs. 35,10,333/-, cash withdrawals of Rs. 1,02,34,800/- in current and cash deposit in current account for Rs. 29,36,000/- till date. Under the facts of the case cash deposited of Rs. 1,66,81,133/- is taxed in the hands of the assessee u/s 69A of the Act read with section 115BBE of the Act. Penalty proceedings u/s 271AAC(1) is initiated for concealed the particulars of income as unexplained money u/s 69A of the Act amounting to Rs. 1,66,81,133/-. Penalty proceedings u/s 272A(1)(d) is initiated for non-compliance of notices issued u/s 142(1) dated 11.08.2023 and 18.09.2023. From the above extract, it follows that findings were recorded that the assessee failed to submit export bi....