2025 (3) TMI 1842

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.... the writ appeal are as follows: The respondent - writ petitioner is stated to be engaged in the business of money lending. During the assessment year 2021-2022, the petitioner had written off a sum of Rs. 7,68,97,170/- on account of an alleged fraud committed by some staff, who had apparently made false entries regarding gold loans. The said aspect came to be noticed by the Income Tax Department and the case of the petitioner was selected for the purpose of a faceless assessment as evident from Ext. P1 notice. The proceedings thereafter culminated in the passing of Ext. P14 order, by which the loss that was determined by the petitioner for the said year was reduced for the purpose of income tax. Penalty proceedings were also ....

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....P14 after reserving liberty to the appellant herein to issue fresh assessment orders after complying with the procedures prescribed under Section 144B of the Act, as understood in the impugned judgment. 5. In the appeal before us, it is the submission of Sri. P.G. Jayashankar - learned Standing Counsel for the Income Tax Department, that the express provisions of Section 144B(1)(xvi) do not contemplate the service of a draft assessment order on an assessee against whom proceedings for assessment have been initiated in terms of Section 144B. He refers to Clause xxiii of Section 144B(1) as it then stood, to point out that the requirement of serving a draft assessment order or the final draft assessment order along with the show cause notic....