2022 (3) TMI 730

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....t.   P.C. : 1. Petitioner is impugning the notice dated 29th March, 2014 issued under Section 148 of the Income Tax Act, 1961 (the Act) on the grounds, interalia, that the notice has been issued without application of mind and based on unconfirmed, unverified and incorrect information. Petitioner had files its return for assessment year 2009-10 on 31st August, 2009 declaring total incom....

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.... per share and received share premium of Rs. 14,76,00,000/- on cash, on 10.05.2008 and the same was reflected in the Reserves and Surplus. The paid up capital of the company is of Rs. 50.00 lacs. The Company was incorporated on 29.01.2007. The company has not carried out any business activity incidental to its business during the year and only received dividend and interest income. On perusal of t....

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....nd of the relevant assessment year and therefore proviso to Section 147 of the Act would not apply. Mr. Pinto submitted that only tangible material has to be shown by the Revenue to re-open the assessment. 4. Though there can be no dispute on the proposition submitted by Mr. Pinto, we have to see whether the reasons disclose any tangible material. In our view, it does not and it has been propos....

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....gorical statement that during the assessment year 2009-10 no share of the company was issued to any party let alone at a premium and moreover the payment that was received was through banking channels and not in cash. In the order rejecting objections, the Assessing Officer has not considered or dealt with this factual aspect. 7. Even in the petition there is averment to this effect. Though the....