Rajput Mohammadmuntasim Tashbihuddin Vs Income Tax Officer, Ward-28(1), New Delhi

Parties Involved

Facts Summary

The assessee, Rajput Mohammadmuntasim Tashbihuddin, received foreign remittances amounting to Rs. 1,58,83,009/- in his bank account with J & K Bank during F.Y. 2017-18 relevant to A.Y 2018-19. He claimed to have received an export order for textile items and advance payment of Rs. 1,58,91,562/- on 17th July 2017 and 10th August 2017. He purchased material worth Rs. 1,75,23,165/- and supplied some material booking a sale of Rs. 26,30,620/-. The remaining balance of Rs. 1,32,60,942/- was unexplained. The Assessing Officer (AO) issued a notice u/s 142(1) and later added Rs. 1,32,66,942/- u/s 69A of the Act. The assessee appealed to the Ld. CIT(A), who dismissed the appeal. The assessee then appealed to the Tribunal on several grounds, including the invalidity of the assessment order and the addition of unexplained income.…

Legal Issues

• 1. Validity of the proceedings initiated u/s 148A(b) dated 21/03/2022 and the order u/s 148A(d) and the notice u/s 148 of the Act, both dated 30.03.2022.
• 2. Validity of the assessment order u/s 147/144B dated 17.03.2023.
• 3. Validity of the service of the impugned notice u/s 148A(b) dated 21/03/2022 and the consequential order u/s 148A(d) and notice u/s 148 both dated 30/03/2022.
• 4. Addition of Rs. 1,32,60,942/- as undisclosed income u/s 69A.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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