2026 (3) TMI 168

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...., raising following grounds: 1. The Ld. Income Tax Officer, Ward 2(1)(1) Mumbai- (for short Assessing Authority) has erred in law in passing the assessment order u/s. 147 r.w.s 144C(3) of the Income Tax Act for A.Y. 201819 on 18/04/2024 wherein total income is assessed to Rs. 33,03,570/-. The assessment order passed by the Assessing Authority deserves to be quashed and set aside. 3. The Lrd. Assessing Officer has made addition u/s. 69 for unexplained investment of Rs. 10,66,000/- during the year under consideration in the assessment order and charged tax at special rate u/s. 115BBE of the Income Tax Act. 4. The Lrd. Assessing Officer has made addition of Rs. 22,37,572/- the differential amount between the purchase....

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....ely. 10. The appellant craves leave to add, alter or amend any of the grounds of appeal either before or at the time of hearing of the appeal. Prayer: It is therefore prayed that, 1. The order passed by the appellate authority dismissing the appeal of the appellant on the ground of non-compliance may please be quashed and set aside and appeal may be heard on merits based on documents and evidences. 2. The assessment order passed u/s. 147 r.w.s. 144C(3) of the Income Tax Act deserves to be quashed and set aside. 3. Addition of Rs. 10,66,000/- made u/s. 69 applying the provision may kindly be deleted. 4. Addition of Rs. 22,37,572/- made u/s. 56(2)(x) applying the provision may kin....

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.... under section 144C(15)(b) of the Act, was served with a draft assessment order dated 11.03.2024 in accordance with section 144C(1) of the Act. The assessee was required, within 30 days, either to accept the proposed variations or to file objections before the DRP with a copy to the Assessing Officer, as mandated under section 144C(2) of the Act. It is an admitted position that the assessee did not file any objections before the DRP within the statutory period. The submissions filed only before the Assessing Officer were treated as non est in the eye of law, and consequently, the Assessing Officer proceeded to pass the final assessment order under section 144C(3) of the Act. The relevant finding of the Assessing Officer is reproduced as und....

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....has been elapsed in this case from the date of receipt of draft assessment order, the assessee now cannot file its objections before the DRP. The filing of submissions/objections only before AO is akin to no objections as per provisions of section 144C(3)(b) of the Act. The submissions made by the assessee after passing of the draft assessment order, cannot be considered by the assessing officer at this stage and therefore, the assessment order is hereby finalized under the provisions of section 144C(3) of the Income Tax Act, 1961, which is reproduced as under:- The assessee has not filed return of income for Year under consideration." 3. We have heard the rival submissions on the preliminary issue and have carefully examined th....