2025 (10) TMI 590

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.... "(a) Issue a writ of certiorari, or any other appropriate writ or order quashing the Impugned Section 148A(1) Notice dated 29.03.2025 as well as Impugned Order issued under Section 148A(3) and the Impugned Notice issued under Section 148, both dated 30.06.2025, and all the consequential proceedings. (b) For such further and other reliefs, including costs of this Petition, as this Hon'ble Court may deem fit and proper in the nature and circumstances of the case. (c) Award the costs of this Writ Petition in favour of the Petitioner and against Respondents. 2. The challenge in this petition is primarily to a notice dated 29.03.2025 issued under Section 148A (1) of the Income Tax Act, 1961 (the Act) and order under Se....

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....erm capital loss of Rs. 1,03,33,852/- and made a short-term capital gain of Rs. 39,49,342/- from the said share transfer. The said computation was prepared as per the provisions of the Act and the documents were submitted in compliance with the impugned notice as well as to show that the income arising in the form of capital gains from the said share transfer of Rs. 7,43,27,348/- does not exceed the amount of Rs. 50 lakhs and as such the invocation of provisions of Section 149(1) (b) shall not arise. 5. He also states that the order which has been passed by the Assessing Officer under Section 148A (3) of the Act is without referring to the documents filed by the petitioner along with the reply. He also states that Assessing Officer while....

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....the other hand, Mr. Vipul Agrawal, Sr. Standing Counsel appearing for the Revenue/respondent, justified the issuance of the impugned notice and the impugned order and states that the petitioner being non filer, the only information the Assessing Officer had was the transaction of sale of shares of Rs. 7,43,27,348/- and it was on that basis, the Assessing Officer had issued the notice. That apart, he submits that the order which has been passed under Section 148A (3) of the Act by the Assessing Officer in the absence of the relevant documents submitted by petitioner/assessee, is justified. 9. He states that, as per his instructions from the Assessing Officer, the petitioner was required to produce proof; like share purchase agreement; ori....