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TMI Blog2024 (7) TMI 1143X X X X Extracts X X X X X X X X Extracts X X X X ..... d to the transaction in which it is alleged that the income has escaped assessment. Considering the ledger account of Star Commodities produced, the very income has already been reflected. Further, on perusal it has been found that the Bank Statement of the Union Bank of India for the period between 01.04.2011 to 31.03.2012 wherein the said amount has been reflected. Keeping in mind the aforesaid material on record, in our considered opinion, the entire base of reopening that income escaped assessment is not correct. The reasons so recorded and the notice u/s 148 is nothing but a sheer non application of mind by the Revenue. Thus, we therefor hold that a notice u/s 148 of the Act cannot be said to be legal in the eye of law. Decided in favo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e letter dated 01.08.2018 uploaded her objection on e-proceedings portal. Again vide letter dated 18.09.2018, detailed objections were filed against the reopening of the assessment and the same was uploaded on e-proceeding portal, wherein in particular it was pointed out that the said show-cause notice was issued on wrong facts. The respondent, however, vide order dated 05.10.2018 disposed of the objections filed by the petitioner wherein reassessment under Section 147 held to be justified. 3.4. Being aggrieved and dissatisfied, the petitioner has approached this Court for appropriate writ, order, direction in the interest of justice. 3.5 Being aggrieved and dissatisfied by the aforesaid, the petitioner has approached this Court by way of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lid in the eyes of law. 5.6 Learned advocate Mr. Shah submitted that from the reasons recorded it is abundantly clear that the Assessing Officer wanting to make fishing and roving enquiries and thereby the notification of provision of Section 148 of the Act for such fishing and roving enquiries is not permissible. 5.6 By making the above submission, learned advocate Mr. Shah has requested this Court to allow this petition as prayed for. 6. Per contra, learned Senior Standing Counsel Mr. Karan Sanghani while opposing the petition, has made following submissions. 6.1. Learned Senior Standing Counsel Mr. Sanghani submitted that the petition is premature in nature as the assessment is yet to take place. It was further submitted that even otherw ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ial can not be considered at this stage. It is further submitted that prima facie material suggest that the reopening of assessment is necessary and thereby the objection against the reopening is justifiably rejected. 6.6. By making the above submission learned Senior Standing Counsel Mr. Sanghani has requested this Court to dismiss the petition. 7. We have heard the learned advocates appearing for the respective parties and have gone through the material produced on record. No other and further submissions have been canvassed by learned advocates appearing for the respective parties, except what are stated herein-above. 8. Having heard learned advocates for the respective parties and considering the material placed on record, the short que ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mounting to Rs. 6902700/- and sales of Rs. 7215800/- thereby deriving profit of Rs. 313100/- through the NMCE platform. The return of income of the assessee apparently does not reflect the said profit derived on sale of commodities. 3 The Kolkatta Investigation wing during the course of investigation on brokers of National Multi commodity exchange had ascertained that there was systematic evasion of taxes by clients/ Members of NMCE platform and hence ascertained the list of such clients. The assessee Toral Himanshubhai Shah is one of such clients who had derived profit of Rs: 313100/- and failed to reflect the same in her return of income. Thus income to the tune of Rs. 313100/-has escaped assessment. 4. As discussed above, Toral Himanshub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome of Rs. 3,13,100/- has already been reflected. Further, on perusal it has been found that the Bank Statement of the Union Bank of India for the period between 01.04.2011 to 31.03.2012 wherein the said amount has been reflected. 12. Keeping in mind the aforesaid material on record, in our considered opinion, the entire base of reopening that income of Rs. 3,13,100/- escaped assessment is not correct. In other words, we may say that the reasons so recorded and the notice under Section 148 of the Act is nothing but a sheer non application of mind by the Revenue. Thus, we therefor hold that a notice under Section 148 of the Act cannot be said to be legal in the eye of law. 13. We answer the question accordingly. 14. In the result, the presen ..... X X X X Extracts X X X X X X X X Extracts X X X X
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