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TMI Blog2023 (3) TMI 428X X X X Extracts X X X X X X X X Extracts X X X X ..... of an audit objection - HELD THAT:- Briefly, in the order passed in the said writ petition, we have taken note of the fact that the expression any audit objection was introduced only via Finance Act, 2022 albeit w.e.f. 01.04.2022. Prior to the said amendment, the expression which obtained in Explanation 1(ii) appended to Section 148 of the Act adverted to the Comptroller and Auditor General of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pondent : Mr Abhishek Maratha, Sr. Standing Counsel. ORDER CM APPL. 2121/2023 1. Allowed, subject to the petitioner filing legible copies of the annexures, at least three days before the next date of hearing. W.P.(C) 531/2023 and CM APPL. 2120/2023 [Application filed on behalf of the petitioner seeking interim relief] 2. This writ petition is directed against notice dated 28.0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ioner claims that the shares were sold to Neilsen India Pvt. Ltd. [in short, NIPL ] for Rs.10,90,12,931/-. The petitioner, concededly, also claimed a deduction under Section 54F of the Act amounting to Rs.5,34,25,860/-. 6. The respondents/revenue, in sum, have, via the impugned order passed under Section 148A(d) of the Act concluded that the petitioner has, in fact, earned short term capital g ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sal of the impugned order shows that the AO has pegged the escaped income at Rs.17,80,42,412/-. 9. Mr Jain says that, apart from the submission recorded above, the prerequisite conditions, as provided in Section 149(1)(b) of the Act, have not been fulfilled. 10. Mr Abhishek Maratha, who appears on behalf of the respondents/revenue, says that the reassessment proceedings were triggered on acc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sion used is any audit objection which is deemed as information under Explanation 1 for the purposes of triggering reassessment proceedings. 12. In our view, the matter requires further examination. 13. Accordingly, issue notice. 13.1 Mr Maratha accepts notice on behalf of the respondents/revenue. 14. Counter-affidavit will be filed within four weeks. 14.1 Rejoinder thereto, if an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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