VIBHU BAKHRU, J. (Oral)

1. The petitioner (hereafter the assessee) has filed the present petition impugning an assessment order dated 26.03.2024 (hereafter the impugned order) passed under Section 143(3) read with Section 144B of the Income Tax Act, 1961 (hereafter the Act) in respect of the Assessment Year 2022-23 relevant to the Previous Year 2021-22. Although the assessee has an efficacious remedy of an appeal, the assessee seeks to pursue the present petition confining the challenge to the impugned order on the ground that the impugned order was passed in violation of the principles of natural justice.

2. The Assessing Officer has added a sum of ₹70,10,37,475/- (Rupees Seventy Crores Ten Lacs Thirty-seven Thousand Four Hundred Seventy-five Only) to the total income as declared by the assessee, as unexplained Signature Not Verified Digitally Signed expenditure under Section 69C of the Act. In addition, the Assessing Officer has also initiated penalty proceedings under Section 271AAC(1) of the Act for concealment of income. The controversy essentially relates to the declaration of the purchases made by the assessee during the Previous Year 2021-22. The assessee was called upon to s