2019 (10) TMI 743

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..... 148 of the Income Tax Act, 1961 for the Assessment Year 2012-13 are hereby stayed. - R/SPECIAL CIVIL APPLICATION NO. 17867 of 2019 - - - Dated:- 14-10-2019 - JUSTICE HARSHA DEVANI AND JUSTICE SANGEETA K. VISHEN For The Petitioner (s) : MR B S SOPARKAR (6851) For The Respondent (s) : None ORAL ORDER ( PER : HONOURABLE MS.JUSTICE HARSHA DEVANI) 1. The learned advocate for the petitioner has tendered a draft amendment. Amendment is allowed in terms of the draft. The same shall be carried out forthwith. 2. Mr. B. S. Soparkar, learned advocate for the petitioner invited the attention of the court to the reasons recor .....

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..... ade a payment of ₹ 50,41,85,083/- to M/s. Satya Merchandise Private Limited and that, the sister concern and the directors of M/s. Satya Merchandise Private Limited are involved in the modus operandi of infusing their own undisclosed fund by rotating the same in related/involved entities. Inviting the attention to the complaint lodged with the CBI, it was pointed out that there is no reference therein to rotating of funds and that, the same only relates to the borrowers namely Ardor International Private Limited and its directors having diverted the funds and disposed of the stock with dishonest and mala fide intention without adjusting the bank dues. It was submitted that, therefore, there is no basis for the findings referred to .....

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..... e reasons recorded are factually incorrect and are based on mere borrowed satisfaction without the Assessing Officer applying his mind to the facts of the case. It was submitted that reopening of assessment is based merely on a reason to suspect and verify the facts. Lastly, it was submitted that the assessment is based upon the impugned notice dated 28.03.2019 for the Assessment Year 2012-13 which is clearly beyond a period of four years from the end of relevant assessment year and hence, there being no failure on the part of the petitioner to disclose fully and truly all material facts, the assumption of jurisdiction by the Assessing Officer under section 147 of the Act is without any authority of law. 4. Having regard to .....

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