AI Drafter 
TaxTMI 
TaxTMI 
2025 (6) TMI 1716
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....r the petitioner and learned Senior Standing Counsel Mr. Karan Sanghani for the respondent. 2. By this petition under Articles 226 and 227 of the Constitution of India, the petitioner has prayed for the following reliefs: "A. Be pleased to quash and set aside impugned order u/s. 148A(d) of the Income Tax act, 1961 and impugned notice dated 22.04.2022 u/s. 148 of Income Tax Act, 1961 passed by the Respondent; B. Pending hearing, admission and final disposal of this petition, be pleased to stay the operation, effect, implementation of impugned order and notice dated 22.04.2022 passed by Respondent; C. Pending hearing, admission and final disposal of this petition, be pleased to stay any action by Respondent for N....
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.... it was decided that the petitioner would sale the mortgaged property to a third party viz. Ceramic Gallary, Baroda, and out of the sale proceeds Rs. 40 Lakh will be paid to the plaintiff-lendor i.e. City Gold Investment P. Ltd to satisfy the suit claim. 3.3 Accordingly, the suit was withdrawn on 08.05.2017 by the plaintiff. 3.4 It is the case of the petitioner that on 04.05.2017, a sale deed was executed between the Ceramic Gallary and the petitioner and in the said deed it was stated that the entire sale proceeds of Rs. 40 Lakh are to be made directly in favour of the City Gold Investment Pvt. Ltd. 3.5 Thus, according to the petitioner, the petitioner has not received any amount of the sale proceeds. 3.6 The respondent issued ....
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....ded under section 144B(6)(vii) of the Act and therefore, the impugned order dated 22.04.2022 has been passed in breach of the principles of natural justice. It was further submitted that the petitioner has placed on record the sale deed as well as the consent terms to point out that the petitioner has not received any sale consideration in the bank account of the petitioner and therefore, it cannot be said that any income had escaped assessment. 5. On the other hand, learned Senior Standing Counsel Mr. Karan Sanghani appearing for the respondent submitted that admittedly, the petitioner has not filed return of income disclosing the sale transaction though it may have been entered into in compliance of the consent terms between the petiti....
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....1 of the petition, same being facts and brief facts of the case, the answering respondent offers no comments. 7. With reference to paragraphs 2.1 to 2.12 of the petition, the correctness of each and every allegation and/or contention and/or submission made by the petitioner are denied. 8. As per the information available with the Department, the assessee petitioner sold immovable property amounting to Rs. 80,00,000/during F.Y. 2017-18 relevant to A.Y. 2018-19. However, the assessee petitioner admitted that they have sold immovable property for the sale consideration of Rs. 40,00,000/-and also submitted the copy of sale deed. Further, assessee petitioner has reduced the credit balance of M/s City Gold Investments Pvt. Ltd. ....
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.... also the case of the petitioner that the petitioner has entered into consent terms with its lendor and to satisfy the debt, has sold the property which was mortgaged by the petitioner to the third party for a sale consideration of Rs. 40 Lakh. Be that as it may, the fact remains that the petitioner has not filed the return of income and therefore, the question of giving any opportunity of being heard to the petitioner does not arise. More particularly, when the petitioner has also admitted that no return of income has been filed disclosing the sale transaction entered into between the petitioner and its lendor for sale of the mortgaged property in favour of the third party to satisfy debt so as to compute the income properly on the face of....