2021 (3) TMI 902

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....for the records of the proceedings, look into them and be pleased to issue a writ of certiorari or any other appropriate writ, order or direction quashing the impugned 148 notice at Annexure-G and the order disposing the objections at Annexure-N. (B) be pleased to issue a writ of mandamus or any other appropriate writ, order or direction asking the respondent not to proceed further in pursuance of section 148 notice at Annexure-G and the order rejecting the objections at Annexure-N. (C) pending the hearing and final disposal of this application, be pleased to stay further proceedings in pursuance of section 148 notice at Annexure-G. (D) be pleased to grant any further or other relief as this Hon'ble Court deem....

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....9/. Retention for Royalty Deposit Jaipur of Rs. 18,82,343/, Allahabad Bank Jaipur of Rs. 70,116/and Uno Motor Car of Rs. 36,365/aggregating to Rs. 43,04,523/. Thus, net income of Rs. 2,38,108/has only been shown in the P&L account for taxation. Further, the amounts set off from liabilities are actually deposits made by the assessee which are in the nature of capital expenditure, hence, cannot be set off against liabilities. Moreover, an amount can only be written off if it was earlier offered for taxation as revenue income. It is pertinent to mention here that the amount of Dakshin Gujarat Vij Company Ltd. of Rs. 23,15,699/- was not even shown as deposits in the balance sheet of the F.Y. 2010-11. Thus, it is clear that the....

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....opening, the writ-applicant is here before this Court with the present writ-application. 7. We have heard Mr. Manish Shah, the learned counsel appearing for the writ-applicant and Mrs. Mauna Bhatt, the learned senior standing counsel assisted by Mr. Karan Sanghani, the learned counsel appearing for the revenue. 8. Mr. Shah, the learned counsel has raised manifold contentions to make good his case that the impugned notice of reopening is not sustainable in law. However, we have noticed something which in our opinion should not be overlooked. It is a settled position of law that if the Assessing Officer intends to reopen the assessment, he is obliged to assign reasons for the same. Once such reasons are assigned, the assessee has a righ....