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TMI Blog2022 (11) TMI 248X X X X Extracts X X X X X X X X Extracts X X X X ..... o issuance of notice under Section 148 of the Act. A detailed analysis is neither warranted nor justified. As rightly pointed out in Anshul Jain Vs. Principal Commissioner of Income Tax [ 2022 (10) TMI 3 - SC ORDER] petitioner would have ample opportunities to agitate his contentions during the reassessment proceedings. We see no ground to entertain the writ petition. - W.P.No.36986 of 2022 - - - Dated:- 26-9-2022 - HON BLE THE CHIEF JUSTICE UJJAL BHUYAN AND HON BLE SRI JUSTICE C.V. BHASKAR REDDY Mr. A.V.A. Siva Kartikeya, learned counsel for the petitioner and Mr. J.V. Prasad, learned Standing counsel, Income Tax Department for the respondents. ORDER: (PER THE HON BLE THE CHIEF JUSTICE UJJAL BHUYAN) Heard Mr. Kr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Agarwal 2022 SCC OnLine SC 543 whereafter, a fresh notice dated 25.05.2022 was issued by respondent No.1 to the petitioner under Section 148A(b) of the Act. Petitioner was furnished the following information and materials: In this case assessment u/s. 143(3) was completed on 30.11.2017, determining total income of Rs.48,44,480/- as against the returned income of Rs.45,99,150/-. Subsequently, the information was received that the assessee has earned profit of Rs.3,73,26,923/- on trading of equity/derivatives through M/s. Kayan Securities Pvt. Ltd. However, the assessee has not disclosed the profits of Rs.3,73,26,923/-, either in the return of income or during the course of assessment proceedings. Hence, there is a failure on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ales Account. Thus, the breakup of the sales account has not been provided by the assessee. Without prejudice to the above, even if it is considered that assessee has offered the same amount in the sale of services, given the background of M/s Kayan Securities, the entire profit received from it should be treated as income and not as gross receipts, as claimed by the assessee. Hence, in the light of the above facts, it is apparent that the income of Rs.3,73,26,923/-, received as profit on trading of equity/derivatives through Kayan Securities Pvt. Ltd. Has escaped assessment within the meaning of section 147 of the I.T. Act. Therefore, it is a fit case for issue of notice u/s. 148 of the I.T. Act., 1961. This order is passed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der Section 148A(d) of the Act. 11. Submissions made by learned counsel for the parties have received the due consideration of the Court. 12. After hearing learned counsel for the parties and considering the materials on record, we are of the view that present is not a fit case to interdict the proceedings at the very threshold. Reasons have been assigned by the assessing officer as to why the explanation given by the petitioner could not be accepted. Certainly, such reasons given have a nexus with the formation of the belief that income chargeable to tax has escaped assessment. It is equally trite that sufficiency or adequacy of reasons cannot be gone into in a proceeding under Article 226 of the Constitution of India. That apart, we ..... X X X X Extracts X X X X X X X X Extracts X X X X
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