2021 (12) TMI 1093

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....the Writ Petition'. Exh.M has been issued by one Nimit Mehta, Circle 10(3)(2), Mumbai. So, Mayank Mishra could not have disposed the objections. Therefore it is an incorrect statement made on oath by the said Mayank Mishra.   2. Thereafter in paragraph 9 he states, 'I say that an independent belief was formed by Assessing Officer at the time of recording of reasons and issuance of notice u/s 148 of the Income-tax Act, 1961'. When Mr. Mayank Mishra is not the officer who had issued notice under Section 148, we wonder how he makes a statement that an independent belief was formed by Assessing Officer at the time of recording of reasons of issuance of notice under Section 148 of the Income Tax Act, 1961. These are mere conjec....

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....titioner thereafter filed a revised return on 28/03/2014 and the case was selected for scrutiny and assessment proceeding were completed under Section 143(3) of the Act on 28/03/2015. Petitioner's income was assessed at Rs. 56,84,43,100/- against declared total income of Rs. 53,21,82,382/-. This is an admitted position. Since the notice under Section 148 has been issued after the expiry of 4 years of the end of the relevant assessment year, proviso to Section 147 applies and the onus is on Respondents to show that there was failure on the part of Petitioner to truly and fully disclose all material facts.   6. We have considered the reasons recorded for issue of notice under Section 148 of the Act and the reasons do not indicate an....