2025 (10) TMI 1157

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ni for the respondent. 2. Rule returnable forthwith. Learned Senior Standing Counsel Mr. Karan Sanghani, waives service of notice of rule for and on behalf of the respondent. 3. Having regard to the controversy involved in this petition, with the consent of the learned advocates for the respective parties, the matter is taken up for final hearing. 4. By way of the present petition under Articles 226 and 227 of the Constitution of India, the petitioner has prayed for a direction to quash and set aside the order passed under Sec. 148A(d) dated 31.03.2023 of the Income Tax Act (hereinafter referred to as 'the Act' for short) as well as notice issued under Sec. 148 dated 31.3.2023 under the provisions of the Act. 5. The brief facts ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... new PAN i.e. AADAT9507D to the petitioner being a Cooperative Bank. 5.4 Subsequently, the petitioner addressed another communication dated 17.06.2019 informing the respondent that the return of income was filed under the new PAN, and therefore, the notice under provision of Sec. 142(1) of the Act was not applicable qua the old PAN. 5.5 In wake of such submissions, the Assessing Officer had not passed any Assessment Order under Sec. 143(3) on old PAN. 5.6 It is the case of the petitioner that almost after a period of three years from the end of the Assessment Year, the petitioner received notice under Sec. 148A(a) on 04.03.2023 for the Assessment Year 2018-19 on old PAN which was already surrendered by the petitioner. The responden....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ngly observed that the petitioner continued to use old PAN and had not cancelled the same. 6.2 Learned advocate Mr. Shah for the petitioner, with regard to the observations made by the respondent in its order passed under Sec. 148A(d) that, the information has cropped up under old PAN: AAACT8950B on account of quoting of old PAN by the petitioner, submitted that the said observation made by the respondent is also actually incorrect in view of the fact that information as mentioned in the notice under Sec. 148A(a) and 148A(b) as well as in the order passed under Sec. 148A(d) is the information traced from the Statement of Financial Transactions (SFT) as provided by banks, which in the impugned case are Kotak Mahindra Bank Ltd., and HDFC B....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....license. These transactions does grant immunity from scrutiny, especially, if the transactions suggested potential income escapement. However, learned Senior Standing Counsel Mr. Karan Sanghani could not dispute the fact that the notice was issued on old PAN. 8. Having heard the learned advocates appearing for the respective parties and having perused the material on record, it is not in dispute that the formal notice issued under the old surrendered PAN being AAACT8950B, which was communicated to the office of the respondent way back on 14.06.2019. The return relating to the relevant Assessment Year 2019-20 was filed by the petitioner under the new PAN being AADAT9507D which was allotted to the petitioner. Inspite of this fact, the resp....