2024 (5) TMI 231

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....pril 2023 passed under Section 148A (d) and a notice also dated 20th April 2023 under Section 148 of the Income Tax Act, 1961 ("the Act") for Assessment Year 2019-20. Respondent No. 1 is the Jurisdictional Assessing Officer ("JAO"), Respondent No. 2 is the Principal Commissioner of Income Tax ("PCIT"), Mumbai-1 and Respondent No. 3 is the Union of India. 3. For AY 2019-20, Petitioner had filed a return of income ("ROI") declaring taxable income of Rs. 13,63,66,967/-. The return was processed under Section 143(1) of the Act. Petitioner, thereafter, received a notice dated 23rd February 2023 under Section 148A (a) of the Act under a PAN Number, which for convenience is referred to as "old PAN". It was alleged Petitioner had failed to file ....

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....ed reply to the notice on 14th April 2023 again reiterating everything that has been stated earlier. Without considering those replies, an order dated 20th April 2023 under Section 148A (d) of the Act which is impugned in the petition, came to be passed. A notice of even date under Section 148 of the Act also came to be issued and the approval under Section 151 of the Act was also provided. 6. Petitioner has, thereafter, approached this Court by way of this petition raising various grounds. 7. Mr. Naniwadekar submitted that in the impugned order dated 20th April 2023, in paragraph No. 6, it is alleged as under: "6. As the assessee failed to demonstrate that the contractual receipts of Rs. 8,32,305/-, interest earned on securi....

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....s and, therefore, the Court should not interfere. 9. We do not agree with the approach suggested by Mr. Suresh Kumar. We also agree with Mr. Naniwadekar that the contractual receipts of Rs. 8,32,305/- and interest earned on securities for Rs. 9,37,294/- have been raised for the first time in the impugned order dated 20th April 2023 passed under Section 148A (d) of the Act. Also, Petitioner, in the letter dated 14th April 2023, has explained the rent receipt of Rs. 10.54 Lakhs and source and nature of foreign remittances of Rs. 7,76,013/- and if the AO was not satisfied with the explanation, he ought to have, in the impugned order dated 20th April 2023, made out a case as to why he does not agree with the explanation given by Petitioner t....