TaxTMI 
TaxTMI 
2026 (5) TMI 1265
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....under Section 147 read with Section 144B of the 1961 Act. 2. The brief facts of the case are that the assessee has not filed return of income u/s 139(1) of the 1961 Act. The case of the assessee was selected by Revenue for framing reassessment based on the information on insight portal under Risk Management System-Non-filing of Return-PAN Cases and wherein, it was observed by the AO that the assessee has made payments as under:- Sr. No. Information Description Source Amount (Rs.) 1. Payments made by any person in respect of one or more credit cards issued to that person, in a financial year Standard Chartered Bank 13,57,841 2. Payments made by any person in respect of one or more credit cards issued to that ....
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....loans and small credits from banks and NBFC;Cash flow statement is not maintained and Bank statements were attached by the assessee. Thus, there was non compliance by the assessee to the notices issued by the AO u/s 142(1) from time to time during reassessment proceedings as complete replies were not filed. Finally, the Assessing Officer issued Show Cause notice dated 31st January, 2025 showcausing as to why additions to the income of the assessee on account of payments to the tune of Rs. 13,59,188/- made by the assessee towards credit card issued by Standard Chartered Bank and HDFC be not made as well why additions to the income of the assessee towards cash deposits as well credits in the bank account maintained with Yes Bank to the tune o....
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....ld. CIT(A) observed that the assesssee has now filed before him, the bank statements and details of credit cards payments. The ld. CIT(A) observed that the assessee has also filed details of loans from HDFC Bank. It was further observed that since all these details had not been filed by the assessee before the AO, and the same are submitted as an additional evidences for the first time before ld. CIT(A), hence the matter was set aside by ld. CIT(A) to the file of the Assessing Officer to decide as per law. 4. The Revenue is now aggrieved by the appellate order passed by learned CIT(A), because the learned CIT(A) has set aside the matter to the file of the Assessing Officer for fresh determination of the matter instead of ld. CIT(A) not d....
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.... the assessee before the AO. The non compliances by the assessee to the notices issued by the AO u/s 142(1) of the 1961 Act, led AO to issue SCN u/s 144. The assessee did not submitted any reply to Show Cause Notice issued by the AO u/s 144 of the 1961 Act. The details are enumerated in the para 2.2 above and are reproduced again even at the cost of repetition. The Assessing Officer issued statutory notice under Section 148 dated 07.03.2024 to comply within 90 days. The assessee filed return of income on 12th August, 2024 declaring income of Rs. 2,43,430/- in response to the aforesaid notice issued by the AO u/s 148. Thus, return of income u/s 148 was filed by the assessee belatedly beyond time allowed by the AO. Notice u/s 143(2) dated 26.....
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.... made by the AO under Section 69A to the tune of Rs. 17,80,630/- for cash deposits and credits in Yes Bank. The Assessing Officer passed reassessment order dated 24th February, 2025 under Section 147 read with Section 144B of the Act. Thus, as per provisions of Section of Section 144 of the 1961 Act, if the notices issued u/s 142(1) remained un-complied with, the AO is mandated to issue SCN u/s 144 to the assessee, and noncompliance by the assessee to such SCN will enable/empowers AO to pass best judgment assessment u/s 144 of the Act. I have observed that Section 144B deal with faceless assessment regime. I have also observed that Section 144B(1) clearly stipulates that notwithstanding anything to the contrary in any other provision of the....