TaxTMI 
TaxTMI 
2025 (6) TMI 496
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....learned advocate Ms. Maithili Mehta for the respondents. 2. Rule returnable forthwith. Learned advocate Ms. Maithili Mehta waives service of notice of rule for and on behalf of the respondents. 3. Having regard to the controversy arising in the present petition which is in narrow compass, with the consent of learned advocates appearing for the respective parties, the matter is taken up for final disposal today. 4. By way of the present petition under Article 226 of the Constitution of India, the petitioners have prayed for quashing and setting aside the impugned assessment order dated 21.12.2022 passed under section 143 (3) read with section 144-B of the Income Tax Act, 1961 (for short "the Act") and demand notices raised thereto for the....
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....e petitioners to respond by 9:15 hours on 12.12.2022 seeking to know as to why the proposed variation be not made to which adjournment request was filed by the petitioners on 10.12.2022 requesting to give time to file the reply upto 19.12.2022. 5.6 It is the case of the petitioners that on 22.12.2022, the impugned assessment order came to be passed raising demand of Rs. 27,56,57,960/- without considering the adjournment request made by the petitioners. Hence, this petition. 6. Learned Senior Advocate Mr. M.R. Bhatt appearing for the petitioners has vehemently submitted that non-consideration of the adjournment application and passing the impugned Assessment order is in violation of the principles of natural justice since the petitioners w....
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....unsel Ms. Maithili Mehta appearing for the respondents submits that the petitioners have failed to provide any justification as to how the order in question is bad in law since the department has followed the procedure as laid down in the Act in relation to the assessment proceedings. 7.1 It was further submitted that the case of the petitioners was selected as "High Risk Transaction Case" for verification of escapement of income from taxation for the Assessment Year 2019-20 after having been flagged on Insight Portal in accordance with the Risk Management Strategy formulated by the CBDT. 7.2 It was further submitted that the assessee was issued the show cause notice dated 04.03.2023 under section 148A (b) of the Act with an opportunity o....
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....tion 144-B(i)(xvi) of the Act provides for an opportunity to the assessee in case any variation prejudicial to the interest of the assessee is proposed in the draft assessment order by serving the notice calling upon the assessee to show cause as to why the proposed variation could not be made. Thus, in view of the mandatory provisions to provide an opportunity of hearing to the assessee by issuing show cause notice along with the draft order, which in the facts of the present case was issued on 5.12.2022 calling upon the assessee to furnish the reply / respond before 12.12.2022, 9:15 hours, the assessee having prayed for an adjournment on 10.12.2022, i.e. two days in advance before the proposed date seeking an adjournment for seven days, i....