2024 (12) TMI 1627

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..../17/2023-24/1063341085(1) dated 25.03.2024 for the A.Y. 2017-18. 2. Brief facts of the case are that, assessee-firm engaged in the business of selling alcoholic liquors, trading in Groceries, Vegetables, Books, crackers and other durable goods to its members. Assessee-firm has not filed return of income for the A.Y. 2017-18. On the basis of information available in ITS, it is observed that assessee-firm has purchased alcoholic liquor worth Rs. 3.17 crores and also deposited cash aggregating to Rs. 2.25 crores. Ld. Assessing Officer [hereinafter in short "Ld. AO"] considering the investment in purchase of alcoholic liquor observed that even by estimating the profit at 5% assessee would have escaped income, escaping the assessment ....

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..../- while simultaneously disallowing the carried forward loss of Rs. 76,33,897/-. 4. Aggrieved by the order of the Ld. Pr. CIT, assessee is in appeal before us by raising the following grounds of appeal: - "1. Under sec 237 of Income Tax Act, 1961, signifies paying back of excess amounts of income tax that a tax payer has paid to the state or the return by the government of excess tax paid by an assessee after taking into consideration income tax withholdings, tax deduction or creditors and other factors. the doctrine of unjust enrichment and plethora of judicial judgements support our appeal" 5. The only issue contested by the assessee is with respect to the denial of refund directed by the Ld. Pr. CIT. On this issue, Ld. Authoris....

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....laws cited by the assessee while filing the written submissions. It is an undisputed fact that the assessee is a non-filer and has filed his return of income only in response to the notice under section 147 of the Act. It is also not disputed by the revenue that the Ld. AO has examined the return of income furnished by the assessee and the information produced in response to the notice under section 148 of the Act and has accepted the income declared by the assessee as Nil while framing the assessment under section 147 r.w.s. 144B of the Act. There is merit in the argument of the Ld.AR that when the income is assessed as NIL, the assessee is entitled for the refund of excess payment of tax claimed in the return of income. Only issue here is....