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TMI Blog2022 (3) TMI 730X X X X Extracts X X X X X X X X Extracts X X X X ..... even denying these averments. Therefore, in our view there is no reason to believe that income chargeable to tax has escaped assessment. Moreover, even for a moment we assume that the share premium charged was unjustifiable still on receipt of share premium and share application money no income arises as the receipt is on capital account - we hereby hold that the notice issued under Section 148 is unsustainable - Decided in favour of assessee. - WRIT PETITION NO. 2897 OF 2014 - - - Dated:- 11-3-2022 - K.R. SHRIRAM N. J. JAMADAR, JJ. Mr. S.C. Tiwari a/w Ms. Rutuja N. Pawar for Petitioner. Mr. Arvind Pinto for Respondent. P.C. : 1. Petitioner is impugning the notice dated 29th March, 2014 issued under Section 14 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . On perusal of the records it is seen that, there is no any material on record to substantiate such unreasonable premium charge by the assessee company for issue of Equity Shares. In view of the aforesaid facts, the share application and share premium received by the assessee needs to be verified as per provisions of the I.T. Act, 1961. Hence, taking into consideration the provisions of the I.T. Act, 1961, the undersigned has reason to believe that the income has escaped the assessment within the meaning of Section 147 along with Explanation 2(b) of the I.T. Act, 1961. On the basis of the above mentioned reasons recorded, I am satisfied that this is a fit case for issue of notice u/s. 148 of the I.T. Act, 1961. 3. Mr. Pinto submitted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he order rejecting objections, the Assessing Officer has not considered or dealt with this factual aspect. 7. Even in the petition there is averment to this effect. Though the petition came to be admitted on 24th November, 2014, no reply has been filed even denying these averments. 8. Therefore, in our view there is no reason to believe that income chargeable to tax has escaped assessment. Moreover, even for a moment we assume that the share premium charged was unjustifiable still on receipt of share premium and share application money no income arises as the receipt is on capital account. 9. In the circumstances, we hereby hold that the notice issued under Section 148 of the Act dated 29th March, 2014 is unsustainable and accordin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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