TaxTMI 
TaxTMI 
2025 (1) TMI 1010
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....ned Senior Advocate Mr. Tushar Hemani with learned advocate Ms. Vaibhavi K. Parikh for the petitioners and learned Senior Standing Counsel Mr. Varun K. Patel with learned advocate Mr. Dev D. Patel for the respondents. 2. Rule, returnable forthwith. Learned Senior Standing Counsel Mr. Varun K. Patel waives service of notice of rule for and on behalf of the respondents. 3. Learned advocate Mr. Dev Patel for the respondents sought permission to place on record the Annexure-R/1 to the affidavit-in-reply in Special Civil Application No.1998 of 2022. Permission is granted. 4. By this petition Article 226 of the Constitution of India, the petitioners have challenged the notice dated 30th March, 2021 issued under Section 148 of the Income ....
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....se reopening of the assessment by invoking the provision of section 147 of the I.T. Act 1961, Accordingly it is fit case for issuing notice u/s. 148 of the I.T. Act." 5.3. The Assessing Officer has recorded the following reasons for re-opening in case of the individual: "As per the Information received from the credible sources that a search action u/s.132 of the Income-tax Act, 1961 was carried on 05.02.2019 in the case of Kaushal Group. During the course of search action various incriminating documents were found and seized from the premises of Kaushal Group (Kaushal Limited). It is further worth to mention here that, on going through the information available in Insight Portal, it can be seen that, Investing Wing, Ahmedabad d....
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....uly disclosed the transactions carried out for purchase and sale of the shares of Kushal Tradelink Limited in the books of accounts and tax showing the short term capital gain is arising out of such transactions and there is no long term capital gains earned by the HUF during the year under consideration. 5.5. It was further contended that the Assessing Officer did not form any reason to believe on basis of any specific information relatable to the transactions carried out by the petitioners and in absence of such information of reason to believe, the impugned notices are without jurisdiction. 6.1. Learned Senior Advocate Mr. Tushar Hemani for the petitioners submitted that the respondent-Assessing Officer, without any basis, has form....
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.... are issued within a period of four years and there was only an intimation issued under Section 143 (1) of the Act accepting the returned income. It was submitted that there was an information available on Insight Portal pertaining to the petitioners to the effect that the petitioners had availed accommodation entry from the Kushal Tradelink Limited. 7.2. It was further submitted that the petitioners have not denied the transactions with the Kushal Tradelink Limited who has provided the accommodation entries to the various assessees and petitioners are one of such beneficiaries of such entries. 7.3. It was therefore submitted that the Assessing Officer on the basis of such information has formed reason to believe to re-open the assess....