TaxTMI 
TaxTMI 
2024 (12) TMI 322
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....etitioner(s): Mr. Akshay Bhan, Sr. Advocate with Mr. Yugank Goel, Advocate,. For the Respondent : Mr. Saurabh Kapoor, Addl. AG, Punjab. SANJEEV PRAKASH SHARMA , J. (ORAL) 1. While issuing notice on 22nd February 2025, the question, which was required by this Court for consideration was whether the assessing authority can issue notice for re-assessment on the basis of the disclosure mad....
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....yee cheques from M/s Bee Bee International. 3. The settlement Commission, after receiving the report from the CIT, in terms of Section 245-C (1) of the IT Act, found that the amount of Rs.15,75,000/-, were accommodation entries. Considering the same, it proceeded to reject the application for settlement on the ground that the applicant had not made full and true disclosure of her income, vide its....
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....ithin the limitation period, if any. 6. We noticed that in the present case, the petitioner had filed a return earlier under Section 143 (1) of the IT Act, after the notices were issued to her under Section 148 of IT Act, revised return was not filed showing undisclosed income and the petitioner on the other hand proceeded to move applications for settlement stating that the said amount was a loa....
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....ction 148 of the IT Act, by the Assessing Officer. However, on query being raised to the assessee, the Assessing Officer also demanded the assessee to provide details relating to the loan, stated to have been accepted from M/s Bee Bee International in the subsequent notice, which have been issued now under Section 148 of the IT Act, the respondents have provided reasonings for reopening of the ass....