RAKSHITH JAGANNATH PERIKAL Vs. ASSESSMENT UNIT

JUDGEMENT

(1.) Petitioner has sought for issuance of writ of certiorari to quash the assessment order dtd. 27/3/2023 made under Sec. 147 read with Sec. 144-B of the Income Tax Act (for short 'the Act').

(2.) The petitioner submits that during the course of assessment proceedings, insofar as the source of fund for Rs.1,08,20,000.00, petitioner's explanation was accepted partly. However, insofar as the amount of Rs.67,67,000.00, the explanation was not accepted and the said amount was added to the total income of the assessee.

(3.) Learned counsel for the petitioner would point out that even as regards the sum of Rs.67,67,000.00 was concerned, petitioner has taken a specific stand as reflected at Annexures-G2 and G3 in which it is specifically stated that insofar as Sri. B.M.Mallikarjunaiah is concerned, as he had informed that he would not share personal tax information as also in the case of M/s. Abhyudhaya Developers which had taken the same stand. It is submitted that the petitioner had made a request to the Authority to invoke power under Sec. 133(6) of the Act and obtain their confirmation. It is submitted that such power has not been invoked by the Authority and the Authority in the assessment proceedings has also observed that due to technical glitch, hearing was not completed. It is further submitted that insofar as the amount traceable to Sri. K.M.Srinivasa Murthy is concerned, confirmation was submitted which is part of Annexure-G2 which has not been taken note of.