2022 (5) TMI 1353

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....NGH ARORA Petitioner Through: Mr. N.P. Sahni with Mr. Naveen Kumar, Advocates. Respondents Through: Mr. Puneet Rai, Senior Standing Counsel with Ms. Adeeba Mujahid, Junior Standing Counsel for the Income Tax Department. J U D G M E N T MANMOHAN, J (Oral): 1. Present writ petition has been filed challenging the notice dated 31^st March, 2021 issued under Section 147 of the Income Tax....

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....crutiny, since notice in such a case is understood as one prompted by a change of opinion. In support of his submission, he relies on the decision of the Supreme Court in Commissioner of Income Tax, Delhi v. Kelvinator of India Ltd. (2010) 2 SCC 723. 3. He also contends that the Principal Commissioner of Income Tax had not given his approval/sanction. In support of his contention, he relies upo....

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....nds that it contains a detailed report vis-a-vis beneficiaries of bogus LTCG/STCL pertaining to the Financial Year 2012-13 (Assessment Year 2013-14). The scrip sold by the Petitioner i.e. Mahanivesh (India) Ltd. is a subject matter of the said report. The report concludes that Mahanivesh (India) Ltd. is a penny stock and that the share price of Mahanivesh (India) Ltd. has been manipulated and bogu....

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....was involved in the trade of penny stock, inasmuch as, it had sold shares of Mahanivesh (India) Ltd. in the concerned assessment year. Consequently, this Court is of the view that the present case is not a case of change of opinion. Accordingly, the judgment of the Supreme Court in Kelvinator of India Ltd. (supra) is not applicable to the present case. 7. Further, though, the Form for recording....