2022 (9) TMI 982

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....6.07.2022 issued under Section 148 of the Income Tax Act, 1961 for A.Y. 2015-16 annexed at Annexure - "A (Colly.)" to this Petition; (b) Pending admission, hearing and final disposal of this Petition, this Hon'ble Court may kindly be pleased to stay and suspend effect, operation and implementation of the Impugned Order dt. 26.07.2022 passed under Section 148A(d) and Impugned Notice dt. 26.07.2022 issued under Section 148 of the Income Tax Act, 1961 for A.Y. 2015-16 annexed at Annexure - "A (Colly.)" to this Petition; (c) Pending admission, hearing and final disposal of this Petition, this Hon'ble Court may kindly be pleased to restrain the Respondent including any persons claiming through or under the Respondent from proceeding ....

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....35,81,230/- making addition on account of interest on excess capital contribution in a Limited Liability Partnership. 3.2 The respondent issued a notice under Section 148 of the Act on 9.6.2021 to reopen the assessment for assessment year 2015-16. 3.3 Pursuant to the order passed by the Apex Court in case of Union of India and Ors. Vs. Ashish Agarwal and Ors., [2022 SCC Online SC 543] the respondent issued a notice under Section 148A(b) of the Act. Prior to issuance of such notice, the petitioner filed return of income pursuant to notice under Section 148 on 30.6.2021. Copy of reasons were also provided to the petitioner on 5.7.2021, wherein it was stated that the petitioner was beneficiary of accommodation entries / bogus loan to the tun....

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....petitioner though the petitioner has filed all the details including the bank statement, audit reports in form 3CB and 3CD as required during the course of regular assessment under Section 143(d) of the Act. 4.1 It was submitted that the petitioner has raised an objection to the effect that the petitioner has never received the amount of Rs.1,87,00,000/-, but the petitioner has received only Rs.20,00,000/- from Talland Data Soft Private Limited. It was submitted that the petitioner has never been given any further details except the copy of the note received from DDIT, (Investigation), Unit-3(3), Kolkata dated 20.3.2020 and as the name of the petitioner appears in the said note of having received Rs.2,07,00,000/- from the Talland Data Soft....

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.... To submit that the reasons provided to the petitioner did not contain any information but it is titled as 'cash related information detail' and such information cannot be said to be sufficient for reopening of the assessment. 4.4 It was submitted that the Culcutta High Court while allowing the petition, quashed and set aside the order passed under Section 148(d) and the matter was remanded to the Assessing Officer to pass a fresh order for considering the objections of the petitioner in the said case. 4.5 Learned advocate for the petitioner further relied upon decision of this court in Divya Jyoti Diamonds Private Limited Vs. Income Tax Officer reported in [439 ITR 471 (Gujarat)], wherein also this court remanded the matter back to the A....

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.... year and the Assessing Officer has obtained prior approval of the specified authority to issue such notice. Explanation 1.-For the purposes of this section and section 148A, the information with the Assessing Officer which suggests that the income chargeable to tax has escaped assessment means, (i) any information flagged in the case of the assessee for the relevant assessment year in accordance with the risk management strategy formulated by the Board from time to time; (ii) any final objection raised by the Comptroller and Auditor General of India to the effect that the assessment in the case of the assessee for the relevant assessment year has not been made in accordance with the provisions of this Act." 6. On perusal of the Expl....