TaxTMI 
TaxTMI 
2026 (8) TMI 391
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.... common judgment wherein Special Civil Application No.15090 of 2025 is taken up as a lead matter. 2. The petitioner who is the partner of Venus Infrabuild as well as the proprietor of Sundardeep Builders, is challenging the show cause notice dated 26.06.2025 issued under Section 148 of the Income Tax Act, 1961 (for short 'the Act') as well as the impugned order dated 26.06.2025 passed under Section 148A(3) of the Act for Assessment Year (for short 'A.Y.') 2020-21. 2.1 The respondent issued the show cause notice dated 15.03.2025 under sub-section (1) of section 148A of the Act whereby the Petitioner was called upon to show cause as to why notice under section 148 of the Act should not be issued for the year under consideration. 2.2 ....
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....gation department: * Audit report and financial statements of the Petitioner * Bank book of all the bank accounts * Cash book * Ledgers of all the parties called for by the investigation department with whom transactions are made through the bank account in question. 3.3 It is submitted that the petitioner has furnished the books of accounts of M/s. Sunderdeep Builders including cash book, bank book, financial statements, etc. and hence, the finding that the petitioner has failed to explain the nature of the transactions in the bank account is incorrect since the nature of all the transactions are evident from such books of accounts. 3.4 It is submitted that the respondent has raised doubts regardin....
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....ay not be interfered with at this stage. 5. We have heard the learned advocates appearing for the respective parties at length. The respondent by the impugned notice as well as order has sought reopening of the assessment for financial year 2020-21. The petitioner was issued the show cause notice dated 15.03.2025 under Section 148A(1) of the Act on the basis of the STR which was flagged on the insight portal relating to the transaction for the A.Y. 2020-21 in ICICI Bank account of partnership firm M/s. Sundaram Landscape LLP. Thus, it is not in dispute that the petitioner is a partner of M/s Sundaram Landscape LLP. The STR also reflected the transactions of bank account of M/s. Sundardeep Builders which is the proprietorship concern of t....
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.... in his reply in response to the show cause has not submitted any details regarding nature of such transactions or pattern of this transaction which runs contrary to the reply filed by the petitioner dated 10.04.2025. It is not the case of the Revenue that they are in possession of any material or any information which would indicate that the transactions entered by the petitioner with its partnership firm or proprietorship are bogus and are accommodation entries which resulted into escapement of income chargeable to tax. 8. Nothing is pointed to us that in what manner the loans provided between partners inter se constitute an escapement of income. It is not the case of the Revenue that it was in possession of any information or material....