9911796707
TMI Blog2024 (6) TMI 1235X X X X Extracts X X X X X X X X Extracts X X X X ..... proposing reassessment. Consequently, the very basis on which the Impugned Order passed u/s 148A (d) of the Act, stands undermined. Since the very basis of proposing re-assessment does not exist, as a matter of fact, nothing survives in the proposal to conduct reassessment. Writ Petition deserves to be allowed. There has been no application of mind to the facts of the case and the explicit and specific reply of the Petitioner and the documentary record that showed that no sale had been effected in that year, leading to no income that could have arisen in that year. There is no merit in the request of the Revenue to remand the matter for a fresh consideration of the facts (instead of simply quashing the Impugned Order). - G. S. KULKARNI S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or that year. 4. On 10 April 2023, the petitioner replied to the notice dated 30 March 2023. The Petitioner asserted that the shares that had been allotted on 17 February 2014, had not been sold at all in 2015-16. Consequently, there was no question of taxable income in the form of any capital gain. The Petitioner enclosed his demat account statement to show holdings as of 31 March 2016, to show that the 2,00,000 shares of KFCL (renamed later as Prismx Global Ventures Ltd.) had not been sold during 2015-16. 5. We find that the Impugned Order does not deal with the submission at all. Instead, it proceeds to hold that since the market price during the Financial Year 2015-16 had gone upto to over Rs. 650/- per share, notionally it could be sai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... other ground in the notice dated 30 March 2023 for proposing reassessment. Consequently, the very basis on which the Impugned Order passed under Section 148A (d) of the Act, stands undermined. Since the very basis of proposing re-assessment does not exist, as a matter of fact, nothing survives in the proposal to conduct reassessment. 9. In these circumstances, the Writ Petition deserves to be allowed. There has been no application of mind to the facts of the case and the explicit and specific reply of the Petitioner and the documentary record that showed that no sale had been effected in that year, leading to no income that could have arisen in that year. 10. In view of the foregoing reasons, there is no merit in the request of the Learned ..... X X X X Extracts X X X X X X X X Extracts X X X X
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