2022 (1) TMI 1509

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....s-Revenue. ORDER P.C. : 1. Petitioner was served with a notice dated 28th March, 2019 under Section 148 of the Income Tax Act, 1961 (the Act) for the Assessment Year 2012-13 in which the Jurisdictional Assessing Officer (JAO) has stated "Whereas I have reasons to believe that your income chargeable to tax for the Assessment Year 2012-13 has escaped assessment within the meaning of section....

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....at petitioner has borrowed cash loan of Rs.16,30,000/- and has violated the provisions of Section 269SS of the Act, in the proforma for recording reasons for initiating proceedings under Section 148 of the Act and for obtaining the approval of the Commissioner of Income Tax/Pr. Commissioner of Income Tax, the JAO has incorrectly stated that the quantum of income which has escaped assessment is Rs.....

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....in consequence of information in the possession of the undersigned, I have reason to believe that by accepting cash loan of Rs.16,30,000/-, the assessee has violated the provision of section 269SS of I.T. Act, 1961 in the Assessment Year 2012-13. Hence, there is escapement of assessment by reason of the failure on the part of the assessee to disclose fully and truly all material facts necessary wi....

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....have been issued. If respondents felt that they have information that petitioner had taken cash loan of Rs.16,30,000/- and there has been contravention of the provisions under Section 269SS of the Act and petitioner was liable to penalty under Section 271D of the Act for failure to comply, then respondents could have commenced action or proceedings towards imposition of penalty under Section 271D ....