TaxTMI 
TaxTMI 
2022 (10) TMI 551
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....ne, 2022 issued under Section 148A(b) of the Income Tax Act, 1961 ['the Act'] as well as the order passed under Section 148A(d) of the Act and the notice issued under Section 148 of the Act, both dated 28th July, 2022 for the Assessment Year 2017-18. 2. Learned counsel for the Petitioner states that pursuant to the directions of the Supreme Court in Union of India vs. Ashish Agarwal, 2022 SCC OnLine SC 543, the Petitioner was issued a letter dated 2nd June, 2022 under Section 148A(b) of the Act alleging that the Petitioner is a beneficiary of accommodation entries provided by the entities controlled by Mr.Ashok Kumar Gupta and has booked non-genuine bogus sales in their books of accounts to the tune of Rs.3,02,00,636/-. He states that the ....
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....esh Trading Co. for A.Y. 2017-18 wherein he has required to advise the suitable instructions. The pointwise reply is as under: 1. The assessment proceedings initiated vide notice u/s 148 of the Act after 31.03.2021as per the old regime were quashed by the Hon'ble Delhi High Court vide W.P.(C)520/2022 & CM No.1499/2022 dated January 11, 2022 and the assessee Nagesh Trading Co. was appearing as a petitioner at Sr. No. 76 of the said judgment. In view of the fact, the Hon'ble Jurisdictional High Court had allowed the writ petition in the case of the assessee, hence on the bonafide belief the assessment proceedings that were initiated on 31.03.2021 but the date of service of notice was not ascertainable, were not concluded by the Asses....
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....being involved as a beneficiary of providing / receiving of accommodation entry to the tune of Rs. 3,02,00,636/- through the web of entities operated by entry operators, Ashok Kumar Gupta, Sandeep Gupta and Anuj Gupta who were subject to survey operations by Investigation Wing, Delhi and the case was reopened based upon clear findings from the Investigation Report. The notice u/s 148 dated 30.07.2022 for AY 2017-18 was issued on the bonafide belief that earlier notice u/s 148 dated 31.03.2021 was not served upon the assessee on 31.03.2021 itself and that is the reason that assessee had gone in writ before the Hon'ble High Court to which he got relief and proceedings had become void ab-initio. However, now for the first time, the assesse....