2025 (11) TMI 1663

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ssessment on the basis of notice issued u/s 148 of the Income-tax Act, 1961 (the Act) by the ld. AO without jurisdiction. 03. The facts in brief are that the case of the assessee was selected for scrutiny to verify the genuineness of the transactions of Rs. 1,42,52,800/- comprising fictious loss of Rs. 1,14,40,800/- in equity / derivative trading and accommodation entries of Rs. 28,12,000/- from M/s Tirumala Tradecom Pvt. ltd. The notice u/s 148A(b) of the Act was issued to the assessee on 25.05.2022, which was not replied by the assessee and thereafter notice u/s 148 of the Act was issued by recording the reasons in the order passed u/s 148A(d) of the Act that within the meaning and scope of Section 147 of the Act, the income has escape....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... issuing notice u/s 148 of the Act for reopening the assessment of the assessee. The ld. AR further in defense of his argument relied on the decision of Hon'ble Delhi High Court in case of Ratnagiri Gas and Power Private Limited Vs ACIT in W.P.(C) 221/2023 vide order dated 02.05.2025. 06. The ld. DR on the other hand heavily relied on the orders of the ld. lower authorities by submitting that the assessee was not co-operative and has not replied the notice issued u/s 148A(b) of the Act dated 25.05.2022 and therefore, the order passed u/s 148A(d) of the Act by the ld. AO on the basis of material available on record and therefore, the assessee should not be allowed to challenge the validity of the reopening of the assessment at this st....