2026 (6) TMI 784

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....under Section 148A(3) of the Income Tax Act, 1961 (hereinafter referred to as the said Act) and the consequential notice dated 30th June 2025 issued under Section 148 of the said Act for Assessment Year 2019-20. 3. The core issue involved herein is whether the Assessing Officer validly formed the opinion that income has escaped assessment without considering the reply and materials submitted by the petitioners and whether the principles of natural justice has been violated. 4. The Learned Counsel appearing for the petitioners submit that the impugned order dated 30th June 2025 suffers from a legal infirmity as the same has been passed without considering the two replies dated 11th April 2025 and 19th June 2025 filed by the petitioners....

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....ion 148A of the Act, the assessee company furnished copies of its bank statement only for the period from 26/09/2018 to 11/10/2018; from 03/12/2018 to 01/02/2019 and 19/03/2019 to 30/03/2019 in respect of the bank account No. 13040200026947 maintained with Federal Bank, Bhowanipore Branch, Kolkata and also bank statement of M/s. Foremost Enterprises Pvt. Ltd only for the period from 28/02/2019 to 05/04/2019 of the bank account No. 0263102000017462 maintained with IDBI Bank, Kankurgachi Branch, Kolkata. Perusal of these part bank statements reveal the pattern of transactions, wherein substantial amounts are credited to and debited from the accounts of the entities on the same day or following day leaving the minimal balance in account, indic....

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.... does not render a transaction genuine if it is a part of scheme to launder unaccounted money. 10. The petitioners have already participated in the proceedings by filing a reply to the show cause notice issued under Section 148A(1) of the said Act, cannot be challenged in the present Writ Petition. 11. A summons under Section 131(1A) dated 28th October 2025 has been issued seeking details regarding the nature of business and relationship with other entities. The same has been returned back undelivered by Speed Post with an endorsement "addressee cannot be located" and the same has subsequently been served by email. Despite service, the assessee did not comply. 12. It is further submitted that the Writ Petition is premature and de v....