Petitioners had invested in movable property in form of mutual fund in financial year 2018-19 . Revenue issued show-cause notice dated 30th May, 2023, under section 24 of Prohibitions of Benami Property Transactions Act, 1988 by which petitioners were asked to give reply to same within 15 days from date of receipt of said show-cause notice and a date of hearing was also fixed on 13th June, 2023, which petitioners did not avail . Petitioner filed instant writ petition after expiry of date of filing of reply to show-cause notice . Dismissing the petition the Court held that show-cause notice could not be interfered however, time to file objection/response to show-cause notice was extended by a period of two weeks. (AY. 2019-20)
Aachman Marketing (P.) Ltd. v. DCIT (2023) 294 Taxman 737 (Cal.) (HC)
The Prohibitions of Benami Property Transactions Act, 1988
S. 24 :Notice and attachment of property involved in benami transaction- Show cause notice – Court held that the show-cause notice could not be interfered however, time to file objection/response to show-cause notice was extended by a period of two weeks. [ S.2( 9) , Art. 226 ]