2024 (3) TMI 481

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....e notice are without jurisdiction, illegal and arbitrary. 2. Petitioner, a publicly listed company had, for AY 2019-2020 declared a loss at Rs. 36,77,314/-. During Financial Year 2018-2019, Petitioner had merged with other two entities viz. Proaim Enterprise Limited and Rockon Enterprise Limited as per the order dated 29th July 2020 passed by the National Company Law Tribunal. 3. Petitioner's case was selected for scrutiny during search and seizure proceedings of one SKM Steel Group and assessment was completed under Section 143(3) of the Act, assessing Petitioner's total income at Rs. 26,43,745/-. Petitioner has challenged the assessment order before the Commissioner of Income Tax (Appeals), which appeal is still pending. 4. Petitioner ....

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....nd passed an order dated 10th April 2023 under Section 148A(d) of the Act and that too after reproducing the entire reply of Petitioner by alleging that the process between issuance of notice under Section 148A(b) of the Act till passing of order under Section 148A(d) of the Act, are only stages which necessitate the AO to verify the information before issuance of notice under Section 148 of the Act and it does not warrant arriving at a conclusion about taxability of the amount appearing in the information. According to the AO, the information is enough to suggest that the income has escaped assessment. He has also stated that because Petitioner has admitted it has transacted in penny script, the prima-facie belief of AO that the short-term....