2025 (4) TMI 1089

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....BHARGAV D. KARIA) 1. Heard learned advocate Mr. Ravish D. Bhatt for the petitioner through video conference and learned Senior Standing Counsel Mr. Karan Sanghani for the respondent. 2. Rule returnable forthwith in both the petitions. Learned Senior Standing Counsel Mr. Karan Sanghani waives service of notice of rule on behalf of the respondent. 3. Facts are identical in both the petitions. However, Special Civil Application No. 6690/2023 is preferred because after this Court passed order dated 18.04.2022 whereby notice was issued and ad interim relief was granted by restraining the Assessing Officer from passing the assessment order and inspite of such interim order, the respondent Assessing Officer passed the assessment order und....

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.... 10. The petitioner again by reply dated 20.10.2021 provided all the information along with request to condone the delay as his son was sick and hospitalized and also explained the source of funds for purchase of crypto currency. 11. It appears that respondent Assessing Officer thereafter issued notice under section 148A (b) of the Act on 17.03.2022 for Assessment Year 2018-2019 on the ground that the petitioner has purchased crypto currency amounting to Rs. 19,00,000/- during the year under consideration and has failed to explain the source of investment before DDIT (Investigation). 12. The petitioner filed detailed reply dated 19.03.2022 which was uploaded on 24.03.2022 contending inter-alia that the petitioner has already filed ....

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....eived. Out of this, the assessee has invested Rs. 20,00,000/- in SBI Mutual Fund portfolio No. 15611133 and 15611901. The asssessee has invested Rs. 19,00,000/- in crypto out of redemption of mutual fund No. 1561190. However, the assessee has not submitted the copy of bank account details and return of income of his father i.e. Shri Shambuprasad Purani (PAN-ACQPP6055J). Hence, the contentions of the asssessee found to be not correct. 4. In view of the facts and discussion made above, it is evident that in this case, there is information with the assessing officer which suggests that income amounting to Rs. 19,00,000/- chargeable to tax has escaped assessment for AY 2018-19. Therefore, in view of this information and material availa....

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....usion that it is a fit case to reopen the assessment. 17. Learned advocate Mr. Bhatt further submitted that this Court by order dated 18.04.2022 issued notice and granted ad interim relief in terms of para 8(D) by restraining the Assessing Officer from passing the assessment order and inspite of such interim order, the respondent Assessing Officer passed the assessment order under section 147 read with section 143 (3) and 144B of the Act on 20.03.2023. 18. It was submitted that however respondent Assessing Officer did not make any addition considering the reply filed by the petitioner. It was submitted that however, the petitioner has preferred Special Civil Application No. 6690/2023 challenging the assessment order. 19. It was fur....