2022 (2) TMI 531

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....of Certiorari or a Writ in the nature of Certiorari or any other appropriate Writ, order or direction, calling for the records of the Petitioner's case and after going into the legality and propriety thereof, to quash and set aside the said (i) Notice u/s 148 dated 31st March, 2021 (Exh."A"), (ii) the impugned order dated 13/1/2022 being (Exh."B") and (iii) Notice u/s 142(1) dtd.20/1/2022 being (Exh."C")." 3. Petitioner is a stockbroking firm and returned an income of Rs. 1,03,30,630/- for Assessment Year 2013-2014. During the course of assessment proceedings, Assessing Officer issued notice dated 13th July 2015 under Section 142(1) of the Income Tax Act, 1961 ("the Act") asking for various details. The assessment of petitioner for Asses....

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....nbsp;   Total Value Rs. 7,08,54,623/- In view of the above facts and after due application of mind after analyzing all the relevant information in the case of assessee in totality, I have reason to believe that income of Rs. 7,08,54,623/- has escaped assessment for A.Y.2013-14 and the same is therefore required to be reopened for scrutiny assessment." 5. As could be seen from the reasons quoted above, it is bereft of any material. It does not indicate what address was searched, from whom such information was received, what date the search happened, what date the information was received, what was the information etc. Admittedly a copy of the information received also has not been provided to petitioner to enable pe....

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....e relied upon a judgment of this Court in Crompton Greaves Ltd. V/s. Assistant Commissioner of Income Tax,Circle 6 (2) 4 (2015) 55 taxmann.com59 (Bombay) to submit that even if the reason for reopening does not specifically state that there was any failure on the part of petitioner to disclose fully and truly all material facts necessary for its assessment for the relevant assessment year, it will not be fatal to the assumption of jurisdiction under Sections 147 and 148 of the Act. We would certainly agree with Mr. Walve but as held in Crompton Greaves Ltd. (Supra), this is subject to the rider that there must be cogent and clear indication in the reasons supplied, that in fact there was failure on the part of assessee to disclose fully and....