2025 (6) TMI 907

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.... Assessment Order passed under Section 147 r/w Section 144B [of the IT Act], dated 28th March 2022. The dispute in the present Writ Petition relates to A.Y. 2014-15. 3. The main ground of challenge is that the Respondents have not disposed of the objections raised by the Petitioner and the same is clearly in violation of the judgment of the Hon'ble Supreme Court in the case of GKN Driveshafts (India) Ltd. Vs. Income Tax Officer, [(2003) 259 ITR 19 (SC)]. Since the jurisdictional requirement itself is not met, the entire proceedings are bad in law. The other ground of challenge is that the 1st Respondent, mechanically and in a routine and casual manner, issued the impugned Notice and also passed the impugned order solely relying upon the in....

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....itioner filed its objections on 30th July 2021. In the said objections, it was categorically stated that the Petitioner does not know any person by the name of Mr. Naresh Manakchand Jain and that no financial transactions had ever been entered into with the said Mr. Naresh Jain during the A.Y. 2014-15. 6. Instead of disposing of the said objections, or asking for further details as to the nature of transactions or providing the source of information, in complete breach of the judgment of the Hon'ble Supreme Court in GKN Driveshafts (India) Ltd. (supra), the 4th Respondent issued a Notice under Section 142 (1) dated 15th December 2021. In this Notice, the Petitioner was asked whether it has filed any Return or Income in response to the Noti....

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....eply, the Petitioner filed a further detailed submission on 7th March 2022. In the said submission, the Petitioner submitted complete bank statements, broker statement, computation of gain / loss on sale of shares and STT & expenses paid statement. Admittedly, nothing happened thereafter for a period of 15 days. On 25th March 2022, just 6 days before the re-assessment proceedings were getting time barred, a show-cause-notice in the form of a draft assessment order was issued on 25th March 2022. This show-cause-notice called upon the Petitioner to submit his response by 27th March 2022 and which was a Sunday. Further, this Notice was received by the Petitioner on 25th March 2022 at 09:35 p.m. Naturally, the Petitioner was unable to reply to ....