2022 (1) TMI 374

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....oss total income of Rs. 3,73,216/- and total taxable income of Rs. 3,56,250/-. The return was processed under Section 143(1) of the Act. Thereafter, petitioner received the notice dated 25th March 2019 under Section 148 of the Act which is impugned in this petition. In response to petitioner's request, petitioner received reasons for re-opening by a communication dated 20th June 2019. In the reasons, it is alleged that the Assessing Officer has received information that one Aricent Infra Ltd. was a penny stock scrip and petitioner has traded in this scrip during F.Y.- 2011-2012 and the total transaction amount was Rs. 36,54,920/-. According to the Assessing Officer, the assessee has filed the return declaring total income of Rs. 3,56,25....

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....oving inquiry and the moment reasons recorded says, "the same needs verification", it means that the re-opening was a fishing or roving inquiry, which is not permissible. 4. Per contra, Mr. Walve opposes the petition and submitted that court should not exercise its jurisdiction under Article 226 of the Constitution of India. Mr. Walve submitted that after the notice under Section 148 of the Act was issued, petitioner filed its return of income in compliance with the notice on 2nd May 2019 showing upward revision. Mr. Walve submitted that petitioner had earlier filed returns on 24th July 2012 declaring a gross total income of Rs. 3,73,216/- and only after petitioner received the notice dated 25th March 2019 under Section 148 of the Act, t....