2025 (7) TMI 1058

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....espondent. 2. Rule returnable forthwith. Learned Senior Standing Counsel Mr. Varun Patel, waives service of notice of rule for and on behalf of the respondent. Having regard to the controversy involved in this petition, with consent of the learned advocates appearing for the respective parties, the matter is taken up for final hearing. 3. By this petition under Article 226 of the Constitution of India, the petitioner has challenged and prayed to quash and set aside the Assessment Order issued under Sec. 143(3) read with Sec.144B of the Income Tax Act, 1961 (for short 'the Act') and Demand Notice issued under Sec.156 of the Act, both dated 29.03.2022 for the Assessment Year 2013-14. 4. The brief facts of this case are as under: 4.1 The p....

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....sment proceedings, elementary principles of natural justice viz., consideration of documents, replies filed by the petitioner, as well as giving reasoning for non-acceptance of explanation / document furnished by the petitioner has been kept at bay. Mr. Shah, learned advocate, would further submit that it is the duty of the Assessing Officer to deal with each and every averment of the assessee, to consider every document produced by the assessee and thereafter pass a reasoned order which, in the submission of Mr. Shah, learned advocate, the Assessing Officer has not taken into consideration any of these aspects before making huge addition of Rs.3,01,65,010/-. It is further submitted that the action of the Assessing Officer of raising such a....

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.... on the affidavit-in-reply has submitted that the assessee had deposited money as member deposit with SRMMSUCCSL and the total deposit in the case of the assessee for Assessment Year 2013-14 came out to be Rs. 3,01,65,010/- which was not disclosed in the return of income filed by the assessee for the year under consideration. 6.1 It was further submitted that the transactions carried out by the assessee with SRMMSUCCSL were found to be unaccounted and undisclosed and hence it was considered to have escaped assessment for the A.Y 2013-14, and therefore, reasons were recorded for reopening the assessment proceedings and after obtaining requisite approval from the competent authority, notice u/s. 148 of the Act was issued to the assessee - pe....

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.... 3,01,65,101/- to his returned income on account of unexplained cash deposits. Vide this notice, the petitioner - assessee was requested to furnish his response on or before 26.03.2022, to which, the assessee - petitioner, vide his submission dated 26.03.2022 requested for further adjournment upto 30.03.2022. 6.5 It was further submitted that the request of the assessee - petitioner for adjournment was acceded to and in the interest of natural justice and in view of time barring limitations, the assessee was granted adjournment upto 02:00 PM of 28.03.2022 vide letter issued to the assessee on 26.03.2022 by the FAO which specifically mentioned that it being the final opportunity being granted to the assessee, failing which the case of the a....