2024 (10) TMI 1095

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.... the Petitioner Through: Mr. Nitin Kanwar, Mr. Dushyant Nayak, Mr. Jitender Singh, Mr. Parul Kanwar and Mr. Rajiv Kumar, Advocates For the Respondents Through: Mr. Puneet Rai, Senior Standing Counsel with Mr. Ashvini Kumar, Mr. Rishabh Nangia, Standing Counsels and Mr. Nikhil Jain, Advocate VIBHU BAKHRU, J. (ORAL) 1. The petitioner has filed the present petition, inter alia, praying as un....

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....ed order) passed under Section 148A (d) of the Income Tax Act, 1961 (hereafter the Act), and the initiation of re-assessment proceedings for the assessment year (hereafter AY) 2018-19 pursuant to the notice dated 31.08.2024 issued under Section 148 of the Act. 3. The petitioner's challenge principally rests on two grounds. First, that the impugned order has been passed without considering the r....

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....rchase bills, including an entity named M/s Riddhi Siddhi Polymers. According to the information available with the AO, the petitioner had the transactions of Rs. 1,55,29,650/- from the entities which included M/s Riddhi Siddhi Polymers in the supply chain. The second information was regarding the Tax Deducted at Source (hereafter TDS) by various entities on the income which was chargeable in resp....

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.... according to the AO had escaped assessment, had been assessed to tax. This clearly indicates that the AO did not apply his mind to the reply furnished by the petitioner. 9. In view of the above, the impugned order is set aside and the matter is remanded to the AO for considering the petitioner's reply afresh and to pass a reasoned order within a period of four weeks from date, after making nec....