TaxTMI 
TaxTMI 
2024 (7) TMI 1568
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....iorari, Mandamus and/or any other appropriate Writ, direction or order and quash/set aside the impugned notice dated 31.03.2024 issued u/s. 148 of the Income-tax Act, 1961, impugned order dated 31.03.2024 passed u/s. 148A(d) of the said Act, impugned notice dated 23.05.2022 issued u/s. 148A(b) of said Act, impugned letter dated 13.03.2024, impugned letter dated 26.03.2024 along with impugned proceedings initiated u/s. 147/148 of the said Act against the Petitioner with respect to subject Assessment Year 2016-17; b) Grant any other relief deemed just, fair and appropriate." 2. The record reflects that proceedings under Section 148 of the Income Tax Act, 1961 [„Act‟] were originally initiated prior to the rendering of the jud....
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....5 was Rs. 1,16,27,466/-which increased to Rs. 8,51,65,846/- on 31.03.2016 and further increased to rs. 11,64,73,919/- on 31.03.2017 which indicated that they are not paying their liability. 2.4 The entity took loan from financial institutions to the tune of Rs. 780.04 crore and mentioned the securities hypothecated in the balance sheet which they have also shown in their other company M/s Ambience Developers & Infrastructure Pvt Ltd where they have taken a loan of Rs. 1336.90 crore. 2.5 They have illegally and fraudulently diverted Rs. 330.33 crore out of the above loan of Rs. 780.04 crore to their sister concern instead of paying to their statutory liabilities and other creditors. 3. The above information has been perused with the....
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....cord, and from perusal of the information forwarded in the case it is seen that the assessee company enhanced its statutory liability by Rs. 7,35,38,380/- (8,51,65,846 1,16,27,466) but didn't found paying these liabilities collected from the vendors to the Govt. However, no disallowance is found made by assessee against this default in its ITR. 8. The undersigned has carefully applied mind to the above discrepancy and failure on part of the assessee to prepare and submit a return of income offering his true and complete income to tax for the assessment year under consideration. The discrepancy gives a substantial basis for the formation of a reason to believe to initiate reassessment u/s 147 of the Act. Thus, there is clear failure o....