2022 (9) TMI 1190

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nts: Mr.Abhishek Maratha, Sr.Standing Counsel. JUDGMENT MANMOHAN, J (Oral): C.M.APPL. 38256/2022 1. Exemption allowed, subject to all just exceptions. 2. Accordingly, the application stands disposed of W.P.(C) 12626/2022 & CM APPL.38255/2022 3. Present writ petition has been filed challenging the order passed under Section 148A(d) of the Income Tax Act, 1961 ['the Act'] and the notice ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Learned counsel for the petitioner states that the finding of the Assessing Officer in the impugned order dated 30th July, 2022 passed under Section 148A(d) of the Act that an income of Rs.50,10,500/-has escaped assessment is factually incorrect. He states that Section 148A(d) of the Act only talks of escapement of Income on the basis of material available on record and not on material to be avail....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....larly purchased the stock of M/s. Solis Marketing Ltd., the revenue department has alleged that the assessee therein had earned long term capital gain which was almost forty-five times the investment within a short span of time. In this case as well, a perusal of the petitioner's reply dated 29th May, 2022 evidences that the shares purchased at face value of Rs.1 were sold at approx. Rs.50 per sha....