2019 (1) TMI 1069

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ccounts and hence, the reopening is bad in law. Having regard to the submissions advanced by the learned advocate for the petitioner, issue Notice, returnable on 7th January 2019. Mrs. Mauna Bhatt, learned Senior Standing Counsel for the respondent waives service of notice. By way of ad-interim relief, the respondent may further proceed in pursuance to the impugned notice, however, not pass any .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... d from the said company has been treated as dummy company for the Assessment Year 2013-14. The second count is that the assessee company has advanced loan to M/s. Satyaprakash Infrastructure Pvt. Ltd. for the land purchased on loan in respect of which, it has not charged any interest and hence, interest of ₹ 18 lakh is required to be disallowed under section 36(i)(iii) of the Income Tax Act, .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... it that the loan given to the petitioner is duly reflected at item No. 13 thereof. It was submitted that the Assessing Officer, by placing reliance upon the said communication dated 17.03.2016 and without making any further inquiry in that regard, seeks to reopen the assessment despite the fact that the company in question is very much in existence and has been duly assessed to income tax. 3. I .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X