2023 (3) TMI 413

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.... Respondents Through: Mr Abhishek Maratha, SSC IT Department, for respondent/revenue O R D E R CM APPL. 3180/2023 1. Allowed, subject to just exceptions. W.P.(C) 831/2023 and CM APPL. 3179/2023 [Application filed on behalf of the petitioner seeking interim relief] 2. Issue notice. 2.1 Mr Abhishek Maratha accepts notice on behalf of the respondent/revenue. 3. In view of the dir....

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....tainable in law, in view of the fact that the impugned notice dated 30.05.2022, is not aligned with the impugned order dated 19.07.2022. 7. A perusal of the impugned notice issued under Section 148A(b) of the Act is indicative of the fact that qua the petitioner, two principal allegations were raised. (i) First, he had taken a fictitious loan in FY 2015-16, amounting to Rs.18,35,000/- ....

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....ed companies, the position taken was the following: (i) One, the petitioner had not dealt in shares of unlisted companies. (ii) Two, the petitioner had bought 8000 equity shares of an entity going by the name of Shilpi Cables Technologies Limited on 21.01.2016 @ Rs.50 per share. (iii) Three, in addition, thereto, the petitioner had brought 12,500/- equity shares of anoth....

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....s. It is also averred that short term capital gain earned on the sale of the said shares was offered for levy of tax at the rate of 15% under Section 111A of the Act, in AY 2017-18. 9. It is not in dispute that insofar the explanation offered by the petitioner that it had not entered into any transaction with Mr Jignesh Shah is concerned, it had been accepted. 9.1. However, in the impugned o....