2022 (4) TMI 344

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....as filed this writ petition seeking following relief :- "10.1 In the light of the facts and illegality committed by the respondents the Hon'ble High Court may graciously be pleased to issue suitable directions, orders or writ in the nature of mandamus, certiorari, prohibition etc. to quash the impugned notice u/s. 148 and give direction to drop the proceedings u/s 147. 10.2 To grant any other relief, which the Hon'ble Court may deem fit." 2. Mr. Mool Chand Jain, learned counsel for petitioner would submit that petitioner is a private limited company and engaged in the business of manufacturing and sales of M.S. Ingots and Re-Rolled Products. During Assessment Year 2014-15, petitioner's company had issued 25,000 shares i....

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....ual and Hindu undivided Family'. Petitioner is a company. As there was no valid reason/ground for issuance of notice under Section 148 of the I.T. Act, notice issued to the petitioner/company be quashed. 3. Per contra, Mr. Amit Chaudhari, learned counsel for respondents opposes the submissions of learned counsel for petitioner and would submit that notice under Section 148 of the I.T. Act has been issued after following due procedure as provided under the I.T. Act. In Annexure to notice, reason and ground for issuance of notice has been specifically mentioned. However, he does not dispute the submission of learned counsel for petitioner with respect to the provision under Section 56 of the I.T. Act. 4. I have heard learned counsel for....

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....ceeding fifty thousand rupees, the aggregate fair market value of such property as exceeds such consideration :" 6. Perusal of aforementioned provisions under Section 56 of the I.T. Act would reflect that Section 56 mentions about the income from other sources. Section 56(vii) talks about the income received by an individual or a Hindu undivided family in any previous year. Petitioner is a company and in view of specific provision under Section 56(2)(vii) of the I.T. Act, relied by the Assessing Officer for issuance of notice will not be applicable to the petitioner who is a company. For issuance of notice under Section 148 of the I.T. Act, there should be tangible material and mandatory compliance of Section 147 of I.T. Act. Proceedings....