JUDGMENT :

Jitendra Jain, J.

1. Rule. By consent of the parties, since pleadings are completed, taken up for final disposal. By consent of the parties, both the writ petitions are disposed of by common order since the issue involved is identical. We propose to treat Writ Petition No.2771 of 2022 as a lead matter.

2. The petitioner challenges notice dated 25 March 2021 issued under Section 148 of the Income Tax Act, 1961 (‘the Act’) for the assessment year 2013-14.

Brief facts :

3. The petitioner is engaged in the business of real estate and has filed his return of income on 27 September 2013 declaring total income of Rs.54,91,960/-. On 31 December 2015, an assessment order under Section 143(3) of the Act came to be passed accepting the return income.

Proceedings u/s 263 :

4. On 29 November 2017, a notice under Section 263 of the Act came to be issued by the Commissioner of Income Tax on the ground that M/s. Orchid Builders and Developers has sold 6 flats on behalf of the petitioner for Rs.2,74,94,950/-. However, the same is not reflected in the profit and loss account for the year ending 31 March 2013. The notice further seeks to examine disallowance on account of interest payment and pro