2024 (12) TMI 562

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....ghal For the Respondent(s) : Mr. Anuroop Singhi with Mr. Aditya Khandelwal & Mr. N.S. Bhati ORDER PER AVNEESH JHINGAN, J [ORAL]:- 1. This petition is filed seeking quashing of notice dated 22.03.2013 issued under Section 147 read with Section 148 of Income Tax Act, 1961 (for short 'the IT Act') and order dated 19.09.2013 rejecting the objections filed by the petitioner. 2. The relevant fa....

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....ioned as 'disposal of the stay application'). 3. Learned counsel for the petitioner submits that the transaction was complete in the AY 2005-06. There was no cause of action for the department to initiate re-assessment proceedings for AY 2006-07. Reliance is placed upon decision of Supreme Court in Ittianam and Ors. Vs. Cherichi @ Padmini reported in [2010 8 SCC 612] and judgment passed by Divisi....

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....om the time it would have commenced to operate and not from the date or time of its registration. 7. The undisputed facts are that the sale transaction was complete in the AY 2005-06 by execution of agreement, receipt of consideration and handling over of possession. The transaction was disclosed in the Income Tax Returns filed for the AY 2005-06. Due to the circumstances pleaded, the sale deed w....