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TMI Blog2022 (5) TMI 175X X X X Extracts X X X X X X X X Extracts X X X X ..... onal affidavit stating as to how the notice under Section 148 of the Act, 1961 issued by him to the petitioner was a valid notice and how the respondent no.2 could get jurisdiction to issue notice under Section 148 of the Act, 1961 when the very basis of issuing notice, ie., 'reason to believe', recorded by him was totally unfounded, non-existent and wholly baseless. Put up as a fresh case before the appropriate Bench on 19.04.2022. - Writ Tax No. - 518 of 2022 - - - Dated:- 11-4-2022 - Hon'ble Surya Prakash Kesarwani And Hon'ble Jayant Banerji JJ. For the Petitioner : Vedika Nath,Nishant Mishra For the Respondent : A.S.G.I.,Gaurav Mahajan ORDER 1. Heard Shri Nishant Mishra, learned counsel for th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f market either directly to the account of the assessee beneficiary or from the conduit account to the account of broker and then to the account of assessee beneficiary. The assessee beneficiary then sells the shares on the exchange and sale proceeds are received in his bank account. To make the sale receipts as genuine exempt LTCG, the entry operator issued the antedated forged contract notes in the name of the assessee. Thus the assessee's own unaccounted money is brought in his books as exempt income by paying commission depending on how the assessee approached operator directly or through an intermediary. The difference in this modus operandi from the modus of LTCG through penny stocks is that in this case, when the shares are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reference and records. Accordingly, since the reasons recorded in the case of the assessee company are factually incorrect, therefore, the resultant formation of belief on such incorrect information is also incorrect and hence bad in law. Therefore, the assessee company requests that the initiation of reassessment proceedings, based on incorrect facts, may please be dropped. 7. The objection of the petitioner against the notice under Section 148 of the Act, 1961 was rejected by the respondent no.2 vide order dated 09.03.2022 in which not a word has been stated by the respondent with regard to the objection of the petitioner that the reasons to believe recorded by the assessing authority are factually and fully incorrect. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... From the facts as briefly extracted above, it, prima facie , appears that the notice under Section 148 of the Act, 1961 issued by the respondent no.2 is wholly without jurisdiction inasmuch as there was absolutely no information relating to the assessee which may give rise for reason to believe for initiating re-assessment proceedings under Section 147 of the Act, 1961. It further appears that Section 147 of the Act, 1961 is being used as a tool to harass the assessee and the notice, prima facie , appears to be without jurisdiction. 10. In view of the aforesaid, we direct the respondent no.2 to file a short counter affidavit by means of his personal affidavit stating as to how the notice under Section 148 of the Act, 1961 issued by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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