TaxTMI 
TaxTMI 
2024 (3) TMI 1456
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.... approached this Court challenging inter alia notice dated 30th March, 2021 issued under Section 148 of the Income Tax Act, 1961 (for short 'the Act')s for the A.Y. 2017-18. 2. The brief facts can be stated as under. 2.1 The petitioner in his individual capacity derived income under the heads of hour property, business, capital gain and from other sources. During the year under consideration, the petitioner had sold certain shares of Kushal Tradelink Ltd. which, in turn, resulted into Short Term Capital Gain (STCG) of Rs. 01,60,66,188/-. The petitioner filed return of income for the year under consideration on 31st March, 2018 declaring total income at Rs. 01,87,04,290/- inclusive of STCG of Rs. 01,60,66,188/-. 2.2 The case of the ....
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....tions against reopening of case wherein various factual and legal submissions were raised. However, the respondent vide order dated 17th December, 2021 disposed of such objections inter alia holding that reopening is justified. 3. At this stage, the petitioner has approached this Court by way of this writ petition challenging the notice under Section 148 of the Act mainly on the ground that reasons recorded are being vague, cant and non-speaking. 4. We have heard learned senior advocate Mr.Tushar Hemani assisted by learned advocate Ms.Vaibhavi Parikh for the petitioner and learned senior standing counsel Mr.Varun Patel for the respondent. 5. Learned senior advocate for the petitioner, while challenging the impugned notice, has made....
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....tra, learned senior standing counsel for the respondent, while supporting the notice, has made following submissions. 6.1 Learned senior standing counsel has vehemently opposed the petition contending, inter alia, that the same is premature in nature. Learned senior standing counsel submitted that in the event the petitioner is aggrieved by any assessment order, alternative efficacious remedy of appeal to CIT (A) is available and thereafter to the Tribunal as per the provisions of the Act. Learned senior standing counsel therefore requested this Court to dismiss the petition on this count only. 6.2 Learned senior standing counsel submitted that opinion was received by the DGIT (Investigation) and Directorate of Intelligence & Criminal....
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....d notice and reasons recorded in detail. No other and/or further submission have been canvassed by learned advocate for the respective parties except what is recorded hereinabove. 8. Having considered the submissions and materials on record, the short question that falls for consideration of this Court is whether in the facts and circumstances of the case notice under Section 148 of the Act can be said to be legal? 9. So as to decide the aforesaid question, the basic parameters of reopening of assessment requires to be taken into consideration. So as to issue notice under Section 148, it is a prerequisite condition that the Assessing Officer shall record his reasons in detail after having verified the materials and/or information so g....
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....,362/- from Kaushal Limited (AABCK7885P) under various head such as bogus Long Term Capital Gain/loss or Short Term Capital Gain/Loss, Unsecured Loans, Share Premium, Bogus Gains, Contrived Losses etc. who has controlled and managed by Kaushal Group of companies. Failure on the part of the assessee to disclose fully and truly all the material facts necessary for the assessment, the income of the assessee has escaped assessment to the tune of Rs. 91,29,362/- for the AY 2017-18 within the meaning of Section 147 of the Income-tax Act, 1961. I have, therefore, reason to believe that this is a fit case for reopening the assessment u/s. 147 of the Act and for issue of notice u/s. 148 of the Income-tax Act, 1961." 9.1 In the entire recording of....
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....ave been done. The reasons are requirement for ensuring judicial accountability. (v) Reasons reflect candidness on part of decision maker. The decision making process becomes transparent by virtue of reasons. In absence,, it is impossible to know whether the person deciding the issue is faithful to the doctrine of precedent or to the principles of incrementalism. (vi) Reasons in support of decisions must be cogent, clear and succinct. A pretense of reasons or "rubber-stamp reasons" cannot be equated with a valid decision-making process. (vii) Reasons also facilitate the process of judicial review by superior courts." 9.3 In light of the above proposition of law, in our considered opinion, when the concluded ass....