2024 (8) TMI 291

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....03.2023 issued under section 148A(d) of the Income Tax Act, 1961 for assessment year 2020-21 by the First Respondent; b) Issue a writ of certiorari, mandamus or any other appropriate writ quashing the notice dated 24.03.2023 issued under section 148 of the Act by the First Respondent for assessment year 2020-21; c) Pass such other orders which this Hon'ble Court may deem fit and proper on the facts and in the circumstances of the case." 2. The petitioner impugns the initiation of a reassessment action under Section 148 of the Income Tax Act, 1961 ['Act'] and which pertains to Assessment Year ['AY'] 2020-21. 3. As is evident from a reading of the order passed and is referable to Section 148A (d), the respondents have ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... of any material which could be said to have any bearing insofar as AY 2020-21 is concerned. 6. We additionally take note of the detailed reply which was submitted by the writ petitioner in response to the original notice and which is dated 10 March 2023. As is manifest from a reading of the following extracts forming part of that reply the aspect of refund was  ultimately brought to a close and concluded in favour of the writ petitioner. This becomes evident from a reading of the following paragraphs forming part of that reply: - "B.7 At the outset the Assessee would like to highlight that the amount of Rs. 85. 37 Crores referred to in the notice issued under 148A(a) is incorrect. In this respect, the Company would like to bring....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nd claimed during December 2017 till July 2019 (I+II) 85.25 83.13   xxxx xxxx xxxx B.11 In view of the clarificatory amendment, the Company to avoid any further litigation decided to surrender the IGST exemption availed at the time of imports against AA License during the period April 2019 till July 2019 along with applicable interest. B.12 By virtue of surrendering the IGST exemption on the imports made against AA License, the embargo under Rule 96(10) was not attracted and the Company's claim of IGST rebate, which was sanctioned by the GST Department for the period April 2019 till July 2019 became rightful. Thereafter, the Company filed for fresh refund applications and the IGST rebate paid bac....