https://www.taxtmi.com/caselaws?id=447914 The HC dismissed the petition challenging proceedings initiated u/s 148 of the Income Tax Act. The court found that the AO did not rely on survey information u/s 133A but selected the case under risk management strategy. Regarding share issuance, while the petitioner used accountant valuation instead of merchant banker valuation required post-24.05.2018 u/s 56(2)(viib), the court held this was a matter for assessment proceedings inquiry. The court found no procedural error in the impugned order, adequate opportunity was given, and prima facie material existed to proceed against the petitioner, leaving substantive issues for assessment proceedings. en-us Wed, 18 Oct 2023 00:00:00 +0530 Mon, 08 Jan 2024 09:15:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447914 The HC dismissed the petition challenging proceedings initiated u/s 148 of the Income Tax Act. The court found that the AO did not rely on survey information u/s 133A but selected the case under risk management strategy. Regarding share issuance, while the petitioner used accountant valuation instead of merchant banker valuation required post-24.05.2018 u/s 56(2)(viib), the court held this was a matter for assessment proceedings inquiry. The court found no procedural error in the impugned order, adequate opportunity was given, and prima facie material existed to proceed against the petitioner, leaving substantive issues for assessment proceedings. Case-Laws Income Tax Wed, 18 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447914