9911796707
TMI Blog2022 (5) TMI 1353X X X X Extracts X X X X X X X X Extracts X X X X ..... t Mahanivesh (India) Ltd. is a penny stock and that the share price of Mahanivesh (India) Ltd. has been manipulated and bogus profits and losses have been booked in the name of the beneficiaries by trading in the scrip. The Petitioner has been identified and enlisted in the said report along with other beneficiaries. Thus this Court is of the view that despite lapse of four years and a scrutiny assessment, there is fresh tangible material in the present case in the form of information of beneficiaries of bogus LTCL/STCL report prepared by the office of Deputy Director of Income Tax (Investigation) which reveals that Mahanivesh (India) Ltd. is a penny stock whose share price was manipulated in trade by way of a complex web of pre-arranged ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Income Tax Act, 1961 (hereinafter referred to as the Act ) as well as the re-assessment order dated 25th March, 2022. 2. Learned counsel for the Petitioner states that the Respondent No.3 wrongly assumed jurisdiction in issuing notice dated 31st March, 2021 under Section 148 of the Act for the Assessment Year 2013-14 after the expiry of four years without meeting the requirements of Sections 147/148 of the Act, in particular the first proviso to Section 147 of the Act. He contends that there was no failure on the part of the Petitioner to fully and truly disclose material facts and information before the Assessing Officer during original assessment proceedings. He submits that there can be no notice under Section 147 of the Act after ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the said report. The report concludes that Mahanivesh (India) Ltd. is a penny stock and that the share price of Mahanivesh (India) Ltd. has been manipulated and bogus profits and losses have been booked in the name of the beneficiaries by trading in the scrip. The Petitioner has been identified and enlisted in the said report along with other beneficiaries. 6. Accordingly, this Court is of the view that despite lapse of four years and a scrutiny assessment, there is fresh tangible material in the present case in the form of information of beneficiaries of bogus LTCL/STCL report prepared by the office of Deputy Director of Income Tax (Investigation) which reveals that Mahanivesh (India) Ltd. is a penny stock whose share price was manipul ..... X X X X Extracts X X X X X X X X Extracts X X X X
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