2025 (8) TMI 1321

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....8 of the Income Tax Act, 1961 (for short 'Act of 1961') has been disposed of. 2. Brief facts need to be noted are that the petitioner is a Company engaged in the business of trading in shares and securities. It had filed return for assessment year 2011-2012 which was scrutinized under Section 143(2) of the Act of 1961. Notice under Section 148 of the Act of 1961 was served on the petitioner-Company upon disclosure of bogus share loss transaction and reasons were supplied to the assessee vide letter dated 26.09.2016 pointing out that the assessee was one of the beneficiaries who received bogus share, which was on the basis of their admittedly accommodation entries in the form of bogus LTCG. Upon recording of statement of such promoters/Dire....

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....2.2025. The respondents proceeded to dispose of the objections raised on 02.02.2017 and also at the same time, provided the available material sought by the assessee. Having received the entire documents as demanded, the petitioner-Company with the purpose to delay the proceedings, has again preferred writ petition and submits that the Court intended the petitioner-Company to allow it to again make objection after receiving the documents. The petitioner submits that despite specific directions, the respondents have failed to produce any material evidence or recorded the material linking the petitioner-Company and there was no reason which was available or recorded for initiating re-assessment. The petitioner further submits that respondents....

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....e furnished under section 139: Provided that no notice under this section shall be issued unless there is information with the Assessing Officer which suggests that the income chargeable to tax has escaped assessment in the case of the assessee for the relevant assessment year and the Assessing Officer has obtained prior approval of the specified authority to issue such notice: Provided further that no such approval shall be required where the Assessing Officer, with the prior approval of the specified authority, has passed an order under clause (d) of section 148A to the effect that it is a fit case to issue a notice under this section: Provided also that any return of income, required to be furnished by an assessee under this sectio....

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....mmissioner or Commissioner, that any money, bullion, jewellery or other valuable article or thing, seized or requisitioned under section 132 or section 132A in case of any other person on or after the 1st day of April, 2021, belongs to the assessee; or (iv) the Assessing Officer is satisfied, with the prior approval of Principal Commissioner or Commissioner, that any books of account or documents, seized or requisitioned under section 132 or section 132A in case of any other person on or after the 1st day of April, 2021, pertains or pertain to, or any information contained therein, relate to, the assessee, the Assessing Officer shall be deemed to have information which suggests that the income chargeable to tax has escaped assessment in t....