2023 (8) TMI 1591

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....H J SHAH (1320) FOR THE PETITIONER MR.NIKUNT RAVAL, ADVOCATE FOR MRS KALPANAK RAVAL (1046) FOR THE RESPONDENT ORAL JUDGMENT (PER : HONOURABLE MR. JUSTICE BIREN VAISHNAV) 1 Rule returnable forthwith. Learned counsel appearing for the respondent waives service of notice of rule on behalf of the respondent. With consent of the learned advocates appearing for the respective parties, the ma....

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.... gain of Rs. 10,51,253/- from the sale of property of Rs. 1,01,00,000/- after deducting therefrom indexed cost of Rs. 13,73,148/- etc. It appears that on 30.03.2019, a notice under Sec.148 of the Income Tax Act was issued to the petitioner stating that he had reason to believe that income chargeable to tax has escaped assessment. Thereafter, the Assessing Officer, by a letter dated 02.05.2019, opi....

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....he authorities had not found justifiable reasons on the basis of income declared by the assessee and looking to the withdrawal of the household expenses, they are to be satisfied as to how the loan in question could have been advanced. 4.1 Inviting the Court's attention to the objections filed by the petitioner, especially objection No.3, Mr. Shah, learned counsel, would submit that there was i....