TaxTMI 
TaxTMI 
2025 (3) TMI 877
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.... Mehta for the respondent. 2. Rule returnable forthwith. Learned advocate Ms. Maithili D. Mehta waives service of notice of rule on behalf of the respondent. 3. By this petition under Article 226 of the Constitution of India, the petitioner has challenged the order dated 31.03.2022 passed under section 148A (d) of the Income Tax Act, 1961 (For short "the Act") as well as notice under section 148 of the Act for reopening the assessment for Assessment Year 2018-2019 dated 31.03.2022. 4. The petitioner is the erstwhile partner of M/s. AMC Corporation, a partnership firm which is dissolved with effect from 01.04.2017. 5. After 01.04.2017, the petitioner Smt. Pannaben Dilipbhai Modi was proprietor of M/s. AMC Corporation and filed the return....
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....on deed, audited financial statement, tax audit report, income tax report of the petitioner being the proprietor of M/s. AMC Corporation for Assessment Year 2018-2019. 8. However, the respondent passed the order under section 148A (d) of the Act on 31.03.2022 at 10:10 PM in name of non existing partnership firm on the ground that the documentary evidence submitted by the petitioner do not explain the fact that income arising from the impugned transaction has been duly disclosed and the relevant income arising therefrom has been offered for taxation for the year under consideration and therefore, considering the quantum of amount involved, further investigation and verification of the fact and evidence was required which can be done only if....
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....d all the transactions related to M/s. AMC Corporation, PAN-AAWFA6589Q in her books of accounts. Further as per the details available with this office it is found that assessee has deposited cash of Rs. 145,91,90,000/- in the Bank Account No.002111101003712 maintained with Sardar Gunj Mercantile Co-op Bank Ltd. In order to verify the transactions this office has issued notice u/s. 133(6) of the IT Act vide letter No. ITBA/COM/F/17/2022-23/10505912 92 (1) dated 10.03.2022 to provide the details of Bank Account No.002111101003712 maintained with Sardar Gunj Mercantile Co-op Bank Ltd. In response to the notice the Branch Manager, submitted the Bank statement alongwith the KYC details. On going through the bank statement it is found that the to....
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....f such disclosure, the respondent was justified in issuing the notice for reassessment for the year under consideration. It was further submitted that neither the assessee has informed the department about the conversion of partnership firm to the sole proprietor firm nor surrendering PAN of partnership firm for deactivation and therefore, impugned notice for reassessment of the amount which was pointed out in the Annual Information Report by third party bank for the transaction carried out in PAN number of the said firm was enough to reopen the assessment for Assessment Year 2018-2019. It was therefore, submitted that no interference be made in this petition to quash the impugned notice for reassessment. 16. Having considered the submissi....