2022 (5) TMI 57

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..../2022[Application filed on behalf of the petitioner/assessee seeking interim relief] 2. This writ petition is directed against the notice dated 31.03.2021 issued by the respondents/revenue under Section 148 of the Income Tax Act, 1961 [in short, "the Act"]. The impugned notice concerns the assessment year 2014-15. 2.1. The petitioner/assessee has assailed the aforementioned notice, inter alia, on the ground that on the face of it, the order dated 20.02.2002 whereby the petitioner's/assessee's objections for reopening the assessment are rejected, is illegal and flawed. 2.2. For this purpose, our attention has been drawn to page 28 of the case file which contains the Assessing Officer's [in short, "AO"] reasons that propelled....

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....dings under section 147 of the Act. It would be worthwhile to submit here that in the case of Rajesh Jhaveri Stock Brokers Pvt. Ltd. V. ACIT(2007) 291 ITR 500/161 Taxman 316 (SC), Hon'ble Supreme Court has held that: "All that is required for the Revenue to assume valid jurisdiction us 148 is the existence of cogent material that would lead a person of normal prudence, acting reasonably, to an honest belief as to the escapement of income from assessment." It is also pertinent to mention that on similar lines, in the case of CIT v. Nova Promoters & Finlease (P) Ltd (ITA NO. 342 of 2011), the Hon'ble Delhi High Court, which is the jurisdictional High Court, has held a below: "We are aware of the leg....

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.... file. 4.1 It is also Mr Rai's contention that a show-cause notice has been issued to the petitioner/assessee, which is, dated 20.02.2022, to which no reply has been filed by the petitioner/assessee, as yet, although time was sought by the petitioner/assessee to file a reply. 4.2. We have asked Mr Rai as to whether, apart from what is stated in the order containing reasons to believe for reopening the assessment qua the petitioner/assessee, there is any other material which is available with the AO. Mr Rai says that he will have to revert with instructions vis-a-vis this aspect of the matter. 5. Having heard the learned counsel for the parties and perused the record, we are of the view that the petitioner/assessee, at this juncture....