2025 (11) TMI 343

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....ili D. Mehta, for the respondent. [2] By this petition, under Article 227 of the Constitution of India, the petitioner has prayed for quashing and setting aside the order dated 21.03.2023 passed under Section 148A(d) of the Income Tax Act, 1961 (for short 'the Act') as well as the Notice dated 23.03.2023 issued under Section 148 of the Act for the Assessment Year 2016-17. [3] Learned advocate for the petitioner submitted that Notice under Section 148 of the Act issued by the respondent in respect of the Assessment Year 2016-17 in the name of his late father Mr. Melaji Bhalaji Bhoi, alleging that the income for the year under consideration, has escaped assessment, is not tenable as the father of the petitioner has expired on 30.05.2020....

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....cord, I am of the considered view that the assessee has failed to explain the above mentioned transactions and income earned/derived there from, during the year under consideration and the same remained unexplained and unsubstantiated as per the relevant provisions of the Act. Hence, on the basis of material available on record which establish that the income chargeable to tax in respect of above mentioned unexplained transactions of Rs. 2,11,93,899/- which is being represented in the form of assets, (as defined in Explanation to Section 149 of the Act) has escaped assessment for FY 2015-16 and therefore, this is a fit case for issuance of notice u/s 148 of the Act for Assessment Year 2016-17." [5] In view of the above facts, it is appar....