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RAJIV SHAKDHER, TARA VITASTA GANJU
Tirupati Trading Corporation – Appellant
Versus
Assistant Commissioner of Income Tax – Respondent
JUDGMENT
[Physical Hearing/Hybrid Hearing (as per request)]
Rajiv Shakdher, J. (Oral):
1. On the previous date i.e., 21.12.2022, after hearing the learned counsel for the parties at some length, we had broadly etched out the contours of the case. Accordingly, the relevant parts of the order dated 21.12.2022 is set forth hereafter:
"2. This writ petition is directed against the order dated 28.07.2022 passed under Section 148A(d) of the Income Tax Act, 1961 [in short "Act"] concerning Assessment Year (AY) 2015-16 and the consequential notice of even date, i.e., 28.07.2022 issued under Section 148 of the Act.
3. The allegation leveled against the petitioner is that income amounting to Rs.1,71,53,467/- chargeable to tax has escaped assessment.
3.1 Consequently, a notice under Section 148A(b) of the Act dated 26.05.2022 was issued to the petitioner.
4. The petitioner, according to the respondents, provided accommodation entries to Mittersain Rajesh Kumar [proprietor Mr Hitesh Jain] and is one of the beneficiaries of accommodation entries provided by one Mr Ramesh Kumar Bagri.
5. The petitioner has placed on record two replies dated 13.06.2022 and 21.07.2022 filed before the Assessing Officer
The central legal point established in the judgment is that reassessment proceedings cannot be triggered based on unsubstantiated allegations, and the court has the authority to set aside the impugne....
The principle of natural justice and due process requires the Assessing Officer to provide requisite material and accord personal hearing before carrying out proceedings de novo.
The importance of the petitioner's response to the notice issued under Section 148A(b) of the Income Tax Act and the granting of a personal hearing.
The court emphasized the importance of reasonableness and rationality in the assessment process and granted the AO the opportunity to re-examine the issue with a fresh look and grant a personal heari....
The central legal point established in the judgment is that the AO must have underlying material available to form a reasonable belief that income chargeable to tax has escaped assessment, and must f....
Notices issued to a dissolved partnership firm under the Income Tax Act were set aside for failure to provide requisite material to the parties, highlighting the necessity of upholding natural justic....
The principle of natural justice and fair procedure requires the Assessing Officer to provide the petitioner with all relevant material/information and the opportunity to respond before taking furthe....
The Assessing Officer must conduct due diligence and establish prima facie evidence before issuing notices under Section 148A of the Income Tax Act, 1961.
The central legal point established in the judgment is the requirement for actionable material and the significance of discrepancies in assessment proceedings under the Income Tax Act, 1961.
The importance of timely assertion and the requirement for verification and personal hearing before passing an assessment order under the Income Tax Act.
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