2021 (12) TMI 1140

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.... Mr. Atul K. Jasani for Petitioner. Mr. Suresh Kumar for Respondents. ORDER P. C. :- 1. Petitioner received a notice dated 28/03/2019 under Section 148 of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') that the Revenue has reasons to believe that Petitioner's income chargeable to tax for AY 2012-13 has escaped assessment within the meaning of Section 147 of the Act. Co....

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....of Income-tax-5 Vs. Shodiman Investments (P.) Ltd. [2018] 93 taxmann.com 153 (Bombay) reads as under : "12. The re-opening of an Assessment is an exercise of extra-ordinary power on the part of the Assessing Officer, as it leads to unsettling the settled issue/assessments. Therefore, the reasons to believe have to be necessarily material (whatever reasons) which form the basis of reopenin....

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.... very act of reopening of Assessment and assuming jurisdiction on the part of the Assessing Officer." 3. The reasons as made available to Petitioner merely indicates information received from the DDIT (Investigation), about certain entity entering into suspicious / questionable transactions. The entire information received has been reproduced in the reasons. In the information so reproduced, th....

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....fied as above) chargeable to tax has escaped assessment for AY 2014-15 and accordingly notice under Section 148 of the Act for AY 2014-15 has been issued for the purpose of re-assessment. This shows non-application of mind not only by the Assessing Officer but also the sanctioning authority. If both these persons had read the reasons before putting their signatures, they would have found the error....