Back
RAJIV SHAKDHER, GIRISH KATHPALIA
Syndicate Buildcon Private Limited – Appellant
Versus
Principal Commissioner of Income Tax 7 – Respondent
JUDGMENT
Rajiv Shakdher, J. (Oral)--On the previous date, we had heard the counsel for the parties and captured the broad contours of the case. For the sake of convenience, the relevant parts of the previous order dated 03.05.2023, are extract hereafter:
"1. This writ petition concerns Assessment Year (AY) 2018-19
2. The record shows, that the reassessment proceedings have progressed to the stage of the assessment order. The assessment order passed in the petitioner's case is dated 17.03.2023.
2.1 The assessment order was passed under Section 147 read with Section 144B of the Act.
3. The principal allegation against the petitioner is, that it is a beneficiary of accommodation entry in the form of an unsecured loan.
3.1 It is the respondents/revenue's case, that one Mr Aditya Jain has provided the accommodation entry through various dummy entities against the receipt of commission(s), which includes Odisha Finlease Private Limited [in short, "OFPL"].
3.2 OFPL is, according to the petitioner, a non-banking financial company.
4. The petitioner does not dispute the fact, that it received a loan from OFPL.
5. Mr Akhilesh Kumar, who appears on behalf of the petitioner, says that loan amounting to
Failure to grant a personal hearing to the petitioner by the Assessing Officer can lead to the setting aside of the assessment order.
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....
The principle of natural justice requires that a party should be given an opportunity for a personal hearing before a decision is made against them.
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 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 court emphasized that a writ action may not be a suitable remedy for matters involving contentious facts requiring thorough enquiry, and provided the petitioner with the option to file a statutor....
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
