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TMI Blog2025 (1) TMI 703X X X X Extracts X X X X X X X X Extracts X X X X ..... ai) (P) Limited. [ 2023 (10) TMI 48 - SUPREME COURT] since there exists an alternative statutory remedy, it will not be proper to advert to the merits of the case and scuttle the process of reassessment specially in view of the alternative statutory remedy as is available to the petitioner. - Hon'ble Shri Justice Vivek Agarwal And Hon'ble Shri Justice Devnarayan Mishra For the Petitioner : Shri G.N. Purohit, Senior Advocate assisted by Shri Uma Parashar, Advocate For the Respondents, Through Video Conferencing. : Shri Siddharth Sharma ORDER PER: JUSTICE VIVEK AGARWAL This petition under Section is filed by the petitioner being aggrieved of order dated 19.03.2024, passed under Section 148-A(d) of the Income Tax Act, by the responde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the respondent No.2, to issue a notice. 4. It is submitted that even the transaction amounting to Rs. 43,83,560/- (Rupees Forty Three Lacs, Eighty Three Thousand, Five Hundred and Sixty only), with Epoch Mercantile Private Limited is wrongly reflected, inasmuch as, there is no transaction with Epoch Mercantile Private Limited and only one transaction is with Sudama Investment Private Limited. Thus, it is submitted that since the quantum of transaction is less than 50 lacs, no notice could have been issued under Section 49(1)(b) of the Income Tax Act, on the ground that notice can be issued beyond a period of three years as mentioned in Clause (a) of Section 149(1), only when the Assessing Officer as in his possession books of accounts or ot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... decision of this Court in M/s Amrit Homes Private Limited Vs. Deputy Commissioner of Income Tax and another in Writ Petition No.15244/2023(O), to submit that all these judgments of various High Courts have been considered by the Coordinate Bench and in para 10, 11 12, it has held as under :- 10....Pertinently, these Courts have not considered the foundational principle of interpretation of taxing statute i.e. nothing can be read into or implied and the plain meaning of the words used in the taxing statute are to be given there due meaning. These High Courts have been persuaded by the principle of reasonable opportunity which is ordinarily applied while interpreting non-taxing statute. Thus, in the humble considered opinion of this Court, t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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