2022 (4) TMI 627

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....or the Respondents.   P.C. :- 1] Petitioner was served a notice dated 28th March, 2013 under Section 148 of the Income Tax Act, 1961 (the said Act) for assessment year 2008-09 which is impugned in this petition. Petitioner was provided reasons for reopening by a communication dated 8th April, 2013. The basis for reopening is that Petitioner is a Company engaged in the business of real e....

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....int of challenge to notice is the very subject matter of reasons for reopening was a subject of revision proceedings under Section 263 of the Act and Commissioner of Income Tax had issued a notice dated 21st January, 2013 under Section 263 of the said Act, calling upon Petitioner to show cause as to why the assessment order under Section 143(3) should not be modified or cancelled and profit on sal....

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....ning. 4] We have heard Learned Counsels and also considered the Petition, documents annexed thereto, Affidavit-in-Reply, Affidavit-in-Rejoinder. 5] As regards, second and third points raised by Ms. Pawar, we are in agreement with her in as much as in the assessment order dated 28th December, 2010, the assessing officer has recorded that assessee has in the profit and loss account shown profi....

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.... of investment of Rs. 85,62,314/- and the revision proceedings were dropped by an order dated 6th March, 2013. Therefore, the same issue cannot form a reason to believe for assessment officer to issue notice under Section 148. In our view, if only this fact has been brought to the notice of the Commissioner who accorded sanction under Section 151, certainly this sanction would not have been grante....