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TMI Blog2016 (3) TMI 976X X X X Extracts X X X X X X X X Extracts X X X X ..... Jolly was concerned was unnecessary as the information provided by the Petitioners could have been easily gathered without resorting to a search. Additionally, it is plain that no incriminating material qua the Petitioners was found during the search operation. Thus no hesitation in quashing the impugned notices under Section 153 A (1) - Decided in favour of assessee - W.P.(C) 8721/2014 & CM No. 20052/2014 (for stay), W.P.(C) 5050/2015 & CM No. 9136/2015 (for stay) - - - Dated:- 22-3-2016 - S. Muralidhar And Vibhu Bakhru, JJ. For the Petitioner : Mr. Ved Jain with Mr. Pranjal Srivastava, Advocates For the Respondents : Mr. Rahul Chaudhary, Advocate ORDER 1. These writ petitions seek the quashing of the proceedings con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s bid being the highest was accepted. LIPL was however unable to arrange the funds for making payment to the Delhi Development Authority ( DDA ). NGPL and 3C Resource Pvt. Ltd. then came forward and offered to purchase the entire shareholding of LIPL. It is pointed out that a sum of ₹ 90,41,39,400 which included the bid money payable to DDA, the late payment interest and the stamp duty was paid by NGPL and 3RPL. The reply of Mr Jolly pointed out that the Department was proceeding on a mistaken assumption that the plot had been transferred at loss of ₹ 36 crores approximately. It was pointed out that as against ₹ 45 crores being the face value of the shares, the total consideration received for them was ₹ 45,94,08,000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 264 ITR 472 (All) urged that the very premise on the basis of which the search was undertaken under Section 132 of the Act in the premises of Mr Jolly was erroneous. There was no material unearthed on the basis of which any reason to believe could have been formed by the concerned officer for issuance of notice under Section 153A of the Act. As far as TJG was concerned, there was no search conducted at all. Therefore, the notice to it under Section 153 A (1) was legally unsustainable. 8. Mr. Rahul Chaudhary, learned counsel for the Revenue has placed before the Court a copy of an investigation report prepared, consequent upon the search, by the Department and sent to the Assessing Officer (AO) for the purposes of the assessment proceedi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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