TaxTMI 
TaxTMI 
TaxTMI 
2024 (5) TMI 504
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.... with the following main prayers :- "(i). to issue a writ order or direction in the nature of certiorari to quash the impugned notice dated 15.03.2023 for the assessment year 2019-20 passed under section 148A clause (b) of the Income Tax Act, 1961. (Annexure No. 1). (ii). to issue a writ order or direction in the nature of certiorari to quash the impugned order dated 27.03.2023 for the Assessment Year 2019-20 respectively passed under section 148A clause (d) of the Income Tax Act, 1961. (Annexure No. 2). (iii). to issue a writ order or direction in the nature of certiorari to quash the impugned consequential notice U/s 148 dated 27.03.2023 for A.Y. 2019-20 for re-assessment of the case of petitioner U/s 147 of the Income Tax Act. (Ann....
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....s. 40 lakhs for lucrative return in a new scheme namely Omaxe Avenue. Thus, the entire amount was transferred from the account of the petitioner to Omaxe Avenue Scheme in the year 2016 again through banking channel. 5. The petitioner has invested only Rs. 41 lakhs in Omaxe Group through banking channel. In the year 2022, a search was conducted by the Income Tax Department against various offices and residential premises of the Omaxe Group. During search operations, certain excel sheets were found by the Income Tax Department and on the basis of such papers, the Income Tax Department had issued a notice for re-assessment to the petitioner under Section 147 for income that has escaped from assessment earlier. 6. The allegation against the p....
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....en issued for the Assessment Year 2019-20 on 24.03.2024 and on the basis of such protective Assessment Order for the Assessment Year 2019-20, no show cause notice could have been issued for imposing penalty as has been done by the Department on 18.04.2024 and therefore, the said show cause notice has also been challenged on the ground of jurisdictional error. It has been argued that the penalty notice under Section 271 AAC can be given only when income is determined finally against the Assessee including income under Section 69 of the Act. No penalty notice can be issued on an uncertain Assessment Order as no final or substantive assessment order has yet been issued. There can be no protective penalty order although there can be a protectiv....
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....t have been raised by learned counsel for the petitioner regarding the facts of the case that her husband has actually deposited Rs. 40 lakhs which was returned with interest and that she herself had deposited Rs. 41 lakhs through banking channel on which she has earned interest can be raised before the appellate authority, i.e. the Commissioner of Income Tax in appeal filed by the petitioner already. It has been pointed out that the final Assessment Order has not been challenged and a show cause notices issued alone have been challenged before this Court. A show cause notice dated 15.03.2023 and 27.03.2023 for Assessment Year 2019-20 merged with the final order that has been passed against which appeal has also been filed by the petitioner....
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....of Anshul Jain vs. Principal Commissioner, Income Tax, reported in (2022) 143 taxman.com 38. 13. It has been argued by learned counsel appearing for the respondents that during the search operations conducted on Omaxe Group, some papers were discovered which reveals that the petitioner had earned an annual income as interest of Rs. 13 lakhs on her investment made in Omaxe Group and therefore, the Assessing Officer presumed that there was more investment made in cash than has been shown through banking channel as 41 lakhs since 2016 by the petitioner. 14. Learned counsel for the petitioner has stated that no such presumption can be raised without recording a finding of the amount of cash that was discovered to have been invested by the pet....