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TMI Blog2021 (12) TMI 413X X X X Extracts X X X X X X X X Extracts X X X X ..... uch person who has availed accommodation entries of bogus sale of two penny stock companies and, therefore, the transactions are not genuine and are merely accommodation entries executed solely to accommodate unaccounted income of assessee. We do not find in these reasons anything which can be termed illusory, hypothetical or a matter of conjecture. There is nothing wrong in the notice for us to set it aside exercising our jurisdiction under Article 226 of the Constitution of India. Validity of order passed u/s 144B - As argued AO has proceeded to pass the assessment order dated 13th May 2021 disregarding the stay granted by this court - HELD THAT:- This assessment order has been passed in gross breach of the order passed by this court ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order passed by this court and we would say in willful disobedience of the order of this court, the Assessing Officer shall pay a sum of ₹ 25,000/- as donation from his / her personal account to P. M. Cares Fund. - WRIT PETITION NO. 2554 OF 2019 - - - Dated:- 6-12-2021 - K.R. SHRIRAM AMIT B. BORKAR, JJ Mr. K. Gopal a/w Mr. Om Kandalkar i/b Mr. Satendra Pandey for Petitioner Mr. Arvind Pinto for Respondents P.C. : 1 The petition was filed originally impugning notice dated 26th March 2019 issued under Section 148 of the Income Tax Act 1961 (the Act), wherein the Revenue has stated that it has reasons to believe that the income chargeable to tax for A.Y.-2012-2013 has escaped assessment within the meaning of Se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... who has availed accommodation entries of bogus sale of two penny stock companies and, therefore, the transactions are not genuine and are merely accommodation entries executed solely to accommodate unaccounted income of assessee. We do not find in these reasons anything which can be termed illusory, hypothetical or a matter of conjecture. There is nothing wrong in the notice for us to set it aside exercising our jurisdiction under Article 226 of the Constitution of India. 3. Mr. Gopal states that factually reasons are incorrect because the assessee never traded in those two alleged penny stock companies. Mr. Gopal states that it was brought to the notice of the Assessing Officer in the objections to the notice issued under Section 148 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case the assessment order was completed under Section 143(3) of the Act and hence the court held that the Assessing Officer would have to examine the information received in the context of the facts on record and if only it had been done, the Assessing Officer would not have come to the conclusion that there was a failure to disclose truly and fully all material facts. In this case, there is no assessment order under Section 143(3) but return of income has been processed under Section 143(1) of the Act. Therefore, the order in South Yarra Holdings (Supra) would not be of assistance to petitioner. 6. As noted earlier, we do not find anything wrong with the notice dated 26th March 2019 issued under Section 148 of the Act. Certainly, at the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y High Court issued in the matter. Please note that the hearing in the matter is pending due to Covid-19 pandemic. However, as High Court has granted ad-interim relief, request to kindly keep the reassessment proceedings in abeyance until further directions from the High Court. Despite this and the fact that all details were available on the High Court website, respondents addressed a letter dated 19th April 2021 to the Income Tax Officer Ward 33(1)(1), Mumbai, calling upon the Ward Officer to provide proof as to why he had, in the check list dated 11th February 2021, advised that petitioner s case be kept in abeyance. Thereafter, respondents proceeded to pass assessment order dated 13th May 2021 which has also been impugned in this petiti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... including giving a personal hearing to petitioner. 8. As regards the Assessing Officer who has passed the assessment order in gross breach of order passed by this court and we would say in willful disobedience of the order of this court, the Assessing Officer shall pay a sum of ₹ 25,000/- as donation from his / her personal account to P. M. Cares Fund. The account details are as under : Name of the Account : PM CARES Account Number : 60355358964 IFSC : MAHB0001160 Branch : UPSC - New Delhi Meera Jadhav The said Assessing Officer shall thereafter file an affidavit of proof of payment within two weeks of this order getting uploaded and annex thereto a copy of the bank s statement proving that it has been paid f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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