2021 (12) TMI 998

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.... respondents.   P.C. : 1 Prayer clause - (a) of the petition reads as under : (a) this Hon'ble Court may be pleased to issue a Writ of Certiorari or a writ in the nature of Certiorari or any other appropriate writ, order or direction under Article 226 of the Constitution of India calling for the records of the petitioner's case and after examining the legality and validity thereof....

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....come of Rs. Nil. The assessment in the instant case was completed u/s. 143(3) on 20/02/2016 by determining the total income of Rs. Nil. 2. Thereafter, it is noticed that the assessee company had issued its shares at premium of Rs. 990/- per share in FY 2012-13 relevant to AY 2013-14. During the said period, the assessee company had no significant transaction except having capitalized its ....

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....e Assessing Officer has also not mentioned why according to him the valuation of shares were based on projections of profitability computed on unrealistic future growth projections. Moreover, it does not even indicate what was the material fact which was not truly and fully disclosed by petitioner during the assessment proceedings. 4. Mr. Suresh Kumar relied upon a judgment of this Court in Cro....

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....re to disclose can be culled down from the reasons in support of the notice seeking to reopen assessment, that will certainly not be fatal to the assumption of jurisdiction under Sections 147 and 148 of the said Act. The Court held "However, if from the reasons, no case of failure to disclose is made out, then certainly the assumption of jurisdiction under Sections 147 and 148 of the Act would be ....