2018 (1) TMI 194

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....petitioner Mr. Sham Walve for the respondents ORDER P. C. 1. Heard. Rule. 2. This petition under Article 226 of the Constitution of India challenges a Notice dated 22nd March, 2017 issued under Section 148 of the Income Tax Act, 1961 (the Act) seeking to reopen the assessment for Assessment Year 201011. 3. The reasons in support of the impugned notice record the fact that the Ass....

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....not have reason to believe that petitioner's income chargeable to tax has escaped assessment. This for the reason that prior to the amendment to Section 68 of the Act by addition of a proviso by Finance Act, 2012 w.e.f. 1st April, 2013, the petitioner company is not liable to explain the source of the applicant. The above provision is only prospective. This Court in Commissioner of Income Tax1....

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.... capital. 5. The above decisions of this Court and the Apex Court though brought to the notice of the Assessing Officer in the objections, the same were ignored in the order disposing of the objections as being rendered at the stage of admission. 6. In view of the decisions of this Court in Gagandeep Infrastructure Pvt. Ltd. (supra) and the Apex Court in Lovely Exports (P) Ltd. (supra), prim....