2023 (10) TMI 781

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....weeks to file a counter-affidavit in the matter. 2.2 In the interregnum, a direction was issued that there will be a stay on the continuation of the reassessment proceedings triggered against the petitioner/assessee via the impugned notice dated 29.07.2022, issued under Section 148 of the Income Tax Act, 1961 [in short, "Act"]. 3. On 17.02.2023, once again a request was made on behalf of the respondents/revenue for grant of time to file a counter-affidavit in the matter. 3.1 The request was acceded to and further four weeks were granted to the respondents/revenue to file a counter-affidavit in the matter. 3.2 However, the interim order dated 30.11.2022 was made absolute and consequently, the interlocutory application i.e., CM Ap....

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....2. AAOCS5245C Kanhaiya Impex Pvt. Ltd. 2013-14 2500000 09-10-2013 3. AAOCS5245C Kanhaiya Impex Pvt. Ltd. 2013-14 2500000 10-10-2013 4. AAOCS5245C Kanhaiya Impex Pvt. Ltd. 2013-14 2500000 14-10-2013 5. AAOCS5245C Kanhaiya Impex Pvt. Ltd. 2013-14 2500000 15-10-2013 6. AAECC9830H Nirvaza Enterprises Pvt Ltd, 2013-14  5000000 20-03-2014 7. AAECC9830H Nirvaza Enterprises Pvt Ltd, 2013-14 3000000 29-10-2013 8. AAECC9830H Nirvaza Enterprises Pvt Ltd, 2013-14 4500000 30-10-2013 Please explain each of the above transactions with proper supporting evidence." 8. The record shows that the petitioner/assessee had filed a ....

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....essment proceedings already stood concluded on 31.03.2022, with regard to various aspects emanating from the petitioner/assessee's return of income, including the aspects which were the subject matter of the notice dated 02.06.2022, issued under Section 148A(b) of the Act. 12. Notwithstanding the aforesaid, the petitioner/assessee filed its response dated 06.06.2022 to the said notice. 12.1 In the response, the petitioner/assessee made an attempt to persuade the AO not to continue with the reassessment proceedings as they had been the subject matter of the earlier assessment order dated 31.03.2022. 12.2 The AO, however, was not persuaded. This resulted in the AO passing the impugned order dated 29.07.2022, under Section 148A(d) of ....

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.... AAOCS5245C Kanhaiya Impex Pvt. Ltd. 2013-14 Others 2500000 15-10-2013 Accommodation Entry 6 AAECC9830H Nirvaza Enterprises Pvt. Ltd. 2013-14 Others 5000000 20-03-2014 Accommodation Entry 7 AAECC9830H Nirvaza Enterprises Pvt. Ltd. 2013-14 Others 3000000 29-10-2013 Accommodation Entry 8 AAECC9830H Nirvaza Enterprises Pvt.Ltd. 2013-14 Others 4500000 30-10-2013 Accommodation Entry In view of the above, notice u/s 148 was issued to the assessee on 31.03.2021 after obtaining approval from the Competent Authority on 30.03.2021 but delivered after 31.03.2021. Further, in compliance to the judgment dated 04.05.2022 of the Hon'ble Supreme....

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....as served to the assessee after the 31.03.2021. As per judgment dated 04.05.2022 of the Hon'ble Supreme Court in the case of Union of India & Ors. Vs Ashish Agarwal (Civil Appeal No. 3005/2022) all notices under section 148 have been quashed which were served to the assessee on 01.04.2021 to 30.06.2021. Therefore, order u/s 147 dated 29/03/2022 done in this case also become non-est. Therefore, the proceedings in the case re-initiated in view of decision of Hon'ble Supreme Court. Accordingly, in compliance to the judgment, the assessee was given an opportunity to file its response as per amended Financial Act, 2021. Therefore, the said amount is liable to be treated as income of the assessee. It is also evident from the info....