2025 (12) TMI 398

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....behalf of the revenue. 3. It was submitted by the ld. AR that the assessment of the assessee has been reopened by issuance of notice under Section 148 of the Act. The ld. Authorised Representative drew our attention to page No. 1 of the assessment order para 2 wherein the Assessing Officer has mentioned that the proposal for reopening had been sent to the Pr. CIT, Dhanbad and the approval has been taken from the Pr. CIT, Dhanbad. It was a submission that the impugned assessment yes is 2015-16 and the notice under Section 148 has been issued on 25/03/2019 which is within four years period from the end of the relevant assessment year. It was a submission that when the reopening is done in respect of the an assessment year and the reopening....

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....le Bombay High Court in the case of CIT Vs. Aquatic Remedies (P) Ltd. (2018) 406 ITR 545 (Bom) had categorically held that where the reopening is to be done by a specified authority, the same cannot be done by any other authority even if it is a superior authority. This being so, respectfully following the decision of the Hon'ble Bombay High Court in the case of CIT Vs. Aquatic Remedies (P) Ltd. (supra) which has been approved by Hon'ble Supreme Court 113 taxmann.com 451 (SC), the reopening as done in the impugned appeal stands quashed. 6. Further even on merits, a perusal of the balance sheet clearly shows that the assessee has not received the share capital nor introduced such share capital during the impugned assessment year. ....

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....OR SANJAY RAM SARAL & CO CHARTERED ACCOUNTANTS a 5 (DIRECTOR) (DIRECTOR) (CA. SANJAY KUMAR) PARTNER Membership No. : 058712 Firm Ray. No .: 323659E Place: BHAGALPUR Dated: The 12th day August of 2015 (Amount so AS ) | NOTE : SHARE CAPITAL Particulars As al HARCH 31 7015 | MARCH31:2014 2,510,000.93 Parculis AS at MARCH 31 2314 AS J. MARCH 36 2014 No. of Staros KHOday No Of Shares & Holdrg As at MARCH 31,2015 MARCHE! 2914 Surthe in Statomeat of Penit ged 1 623 192,630.0 1.033.623.0 162 039.00 1 1,326.088.00 192.633.082 FICTICULARS MANCH 31, 2015| MARCH :1, 2014 MIS DIVYA ENGICON PRIVATE LIMITED EXURE C BALANCE SHEET AS ON 31ST MARCH, 2014 (Amount in RS."] ....