2016 (12) TMI 875

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....the Petitioner Mr. Suresh Kumar, for the Respondent ORDER P. C. At the request of the Counsel, Petition is being disposed of at the stage of admission. 2 This Petition under Article 226 of the Constitution of India, challenges the Assessing Officer's notice dated 31st March, 2013 issued under Section 148 of Income Tax Act, 1961 (the Act), and the order dated 9th September, 2016 ....

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....ssued, Subscribed and paid up" share capital of Rs. 4,15,52,325/. During the year, the assessee had issued 101,000 equity shares at a face value of Rs. 411/per share with a premium of Rs. 780/per share. Further, the assessee mainly has shareholders fund which comprises of share capital and share premium and no other reserve and surpluses. On perusal of the balance sheet, it is found that the compa....

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....mann.com 8 (Gujarat) has upheld reopening on receiving disproportionate share premium. Hence, I have reason to believe that income of Rs. 12,333,360/chargeable to tax has escaped assessment within the meaning of section 147 of the Income Tax Act, 1961 in the hands of the assessee for A. Y. 2009-10. Approval may kindly be accorded for issue of notice under section 148 of the I. T. Act." ....

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....it would be appropriate that the order disposing of the objections dated 9th September, 2016 be set aside and the issue be restored to the Assessing Officer to dispose of the Petitioner's objections as stated and confined to contents of its objections dated 20th July, 2016. 6 The Assessing Officer would dispose of the objections dated 20th July, 2016 within a period of six weeks from today.....