9911796707
TMI Blog2024 (5) TMI 231X X X X Extracts X X X X X X X X Extracts X X X X ..... est earned on securities have been raised for the first time in the impugned order passed under Section 148A (d) of the Act. Also, Petitioner, in the letter dated 14th April 2023, has explained the rent receipt and source and nature of foreign remittances and if the AO was not satisfied with the explanation, he ought to have, in the impugned order dated 20th April 2023, made out a case as to why he does not agree with the explanation given by Petitioner than making a bald and incorrect statement that Assessee has failed to demonstrate that these items have been disclosed. In the circumstance, in our view, the impugned order under Section 148A (d) of the Act has been passed without application of mind. It is obvious that even the sanction th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o as old PAN . It was alleged Petitioner had failed to file ROI under Section 139(1) of the Act. Petitioner by a letter dated 27th February 2023 replied to the notice and informed Respondent No. 1 that the company, which was holding the old PAN number, has merged with one Resync Auto Solutions Pvt. Ltd. ( Resync ) by an order dated 27th April 2017 passed by the National Company Law Tribunal with effect from 1st May 2016. Resync was holding PAN No. AAFCR5312Q (a new PAN) and the name of Resync was changed to the name of Classic Stripes Pvt. Ltd. On the same day, i.e., 27th February 2023, Respondent No. 1 issued another notice under Section 148A (b) of the Act on old PAN once again alleging that Petitioner had not filed its ROI and no reply a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,32,305/-, interest earned on securities of Rs. 9,37,294/-, rent receipt of Rs. 10.54 lakhs and source Nature of foreign remittances of Rs. 7,76,013/- have been fully disclosed in the merged entity, i.e., M/s. CLASSIC STRIPES PRIVATE LIMITED (PAN: AAFCR5312Q). Therefore this information suggests that income chargeable to tax has escaped assessment. Mr. Naniwadekar stated that the figures towards contractual receipts of Rs. 8,32,305/- and interest earned on securities of Rs. 9,37,294/- has never been even referred to earlier. Mr. Naniwadekar further submitted that as regards rent receipt of Rs. 10.54 Lakhs and source and nature of foreign remittances of Rs. 7,76,013/- have been explained in Petitioner s reply dated 14th April 2023 together w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation given by Petitioner than making a bald and incorrect statement that Assessee has failed to demonstrate that these items have been disclosed. 10. In the circumstance, in our view, the impugned order dated 20th April 2023 under Section 148A (d) of the Act has been passed without application of mind. It is obvious that even the sanction that is accorded under Section 151 of the Act, has been issued without application of mind. We say this because if only the Range Head or the PCIT had bothered to read the file together with the notices issued under Section 148A (b) of the Act, they would have not recommended or approved issuance of the notice under Section 148 of the Act. 11. In the circumstances, in our view, the impugned order dated 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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