JASWANT SINGH JUNEJA Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) The present writ petition has been filed for quashing/setting aside of the order under Sec. 148-A(d) and notice under Sec. 148 of the Income Tax Act, 1961 ['Act'], both dtd. 20/7/2022 ('impugned order' and 'impugned notice') respectively, whereby, the income of the petitioner is sought to be reassessed on the ground that petitioner has not substantiated the source of cash and credit deposit of Rs.2,48,83,439.00 during the Assessment Year ['AY'] 2014-15.

(2.) The principal challenge is to the initiation of reassessment in terms of a notice issued under Sec. 148 of the Act dtd. 20/7/2022 for the AY 2014-15. For the purpose of disposal of the present writ petition, we deem it apposite to take note of the following essential facts:-

(3.) Petitioner is the proprietor of M/s. JMK Enterprises, which is engaged in dealing in electronic goods and components. Petitioner filed its return of income for the AY 2014-15 on 29/11/2014, declaring a total income of Rs.23,05,560.00.