2024 (12) TMI 915

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....26 & 227 of the Constitution of India, the petitioner has challenged the assessment order dated 21.03.2024 passed by the respondent No. 1-National E-Assessment Centre under Section 147 read with Section 144B of the Income Tax Act, 1961 (for short 'the Act'). 3. The brief facts of the case are that the petitioner is a firm which is involved in the business of processing of diamonds, cutting and polishing of diamonds and export of cut and polished diamonds. The petitioner-firm filed return of income for the Assessment Year 2018-19 but could not file the return of income for Assessment Year 2019-20 on account of closure of the operation of the petitioner-firm. 4. The petitioner was served with a notice dated 28.03.2023 issued under Secti....

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....sessment order was passed under Section 147 read with Section 144 read with Section 144B of the Income Tax Act, 1961. It was submitted that though the petitioner has tendered various replies to the notice issued under Section 142 (1) of the Act, the Assessing Officer has observed in the impugned order as under. "4.4 Synopsis of the reply of the assessee to SCN and additional SCN (if any): additional SCN  Show cause notice dated 07.03.2024 have been issued to the assessee but no response has been received from the assessee. On perusal it was observed that the assessee has made huge business transactions amounting to the tune of Rs. 1,91,35,55,453/- as tabulated above and not filed Return of Income For A.Y 2019-20. The ....

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....under Section 142 (1). Learned advocate submitted that the petitioner is ready to file all the replies before this Court, however in order to see that the record do not become bulky, the same are not produced. 2.3 It was submitted that letter dated 25th January, 2024 was also uploaded by the petitioner explaining the details required by the Assessing Officer on 13th February, 2024. It was submitted that it is true that the assessee did not file any reply to the show-cause notice dated 08th March, 2024, however the Assessing Officer was required to consider the replies uploaded by the petitioner prior to issuance of the show-cause notice dated 08th March, 2024 and could not have ignored the same. 3. Considering the above su....