2024 (11) TMI 699

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....for the respondent accepts notice. 5. The petitioner has filed the present petition, inter alia, impugning an order dated 31.08.2024 (hereafter the impugned order) passed under Section 148A (d) of the Income Tax Act, 1961 (hereafter the Act) as well as the reopening of the assessment proceedings initiated pursuant to the notice dated 31.08.2024 (hereafter the impugned notice) issued under Section 148 of the Act. 6. The petitioner has raised several grounds for assailing the impugned order and the impugned notice in this petition. However, the learned counsel for the petitioner has confined the present petition assailing the impugned notice and the impugned order on the ground that the assessment proceedings have been initiated after an ex....

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....ng the petitioner's contention. 10. A plain reading of the impugned order indicates that it is ex facie erroneous and has been passed without application of mind. The AO has now concluded that the income, which has escaped assessment is Rs. 95,71,880/- and that the petitioner had received the said amount during the financial year (FY) 2016-17. Paragraph 2 of the impugned order is set out below: "2. On analysis of the aforesaid information, it has been found that the assessee has received payment in cash from M/s Bhagwati Developers & its group concerns during F.Y. 2016-17 as per details mentioned below:- Actionable AY Result Type Description Value Rs 2018-19 Undisclosed transaction Purchase of immovable property and some payment i....