9911796707
TMI Blog2024 (8) TMI 633X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessing Officer has already considered the issue during the regular course of assessment and the impugned notice under Section 148 of the Act issued by the respondent no. 1 for reopening of the assessment is nothing but based on the general information received from the investigation wing pertaining to the script Kaushal Limited. The reasons recorded also does not disclose as to the particular escapement of the income. AO has issued the impugned notice on the borrowed satisfaction without application of mind and the respondent no. 2 has also granted the sanction mechanically under the pressure of work as explained in the aforesaid affidavits. The impugned notice is issued only on the basis of the information which has already been conside ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aid affidavits affirmed on 4th August, 2024, pointed out that both the Officers were under tremendous pressure due to faceless regime to be implemented from 01.04.2021 and therefore inadvertent mistake has been committed by granting sanction for reopening of the assessment for issuance of the notice dated 30.03.2021. 5. Considering such explanation, without going into the veracity of the same for according the sanction, this petition is disposed of on the facts and submissions made by the learned advocate for the petitioner on merits. 6. By this petition under Article 226 of the Constitution of India, the petitioner has challenged the notice under Section 148 of the Income Tax Act, 1908 (for short the Act ) dated 30.03.2021 for the Assessme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hal Group of companies. Failure on the part of the assessee to disclose fully and truly all the material facts necessary for the assessment, the income of the assessee has escaped assessment to the tune of Rs.6,53,36,784/- for the AY 2017-18 within the meaning of Section 147 of the Income-tax Act, 1961. I have, therefore, reason to believe that this is a fit case for reopening the assessment u/s. 147 of the Act and for issue of notice u/s. 148 of the Income-tax Act, 1961. 1961. 8. It appears on perusal of the aforesaid reasons that the Assessing Officer has formed a reason to believe in view of the accommodation entries of Rs.6,53,36,784/- from Kaushal Limited under various heads such as Long Term Capital Gains/Loss or Short Term Capital Ga ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4.75 in such a short span of time and the assessee. Reliance is placed on the decision of the Hon'ble Delhi High Court in the case of Suman Poddar V/s. ITO [TS-567-HC-2019 (DEL)] wherein Delhi High Court held as under: Delhi HC dismisses assessee individual's appeal against ITAT-order rejecting claim of 'exempt' long term capital gains ('LTCG') arising on sale of 'penny stocks' during AY 2014-15, states that The ITAT has extensively discussed the evidence and materials on the basis of which the Assessing Officer recorded his findings with regard to the genuineness of the transaction in question.......... No question of law, therefore arises in the present case and the consistent finding of fact returned again ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... other rulings on facts. Further, Supreme Court dismissed the appeal filed by the assessee in this case. Hence, the argument forwarded by the Delhi High Court on this issue is binding and squarely applicable to the facts of this case. 8. Therefore, the total amount of Rs. 6,40,19,689/-(STCG Rs. 4,91,74,232 + LTCG Rs. 1,48,45,457) is added under the head income from other sources. As the assessee has deliberately and willfully concealed its unaccounted income, penalty under section 271AAC is initiated separately. 11. On perusal of the above observation made by the Assessing Officer, it is clear that the during the course of the regular assessment, the Assessing Officer has considered the Short Term Capital Gain as well as Long Term Capital G ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
