2022 (8) TMI 1600

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....dents : Mr. Ruchir Bhatia, Sr. Standing Counsel for the Revenue. JUDGMENT MANMOHAN, J: C.M. No. 33943/2022 Exemption allowed, subject to all just exceptions. Accordingly, the application stands disposed of. W.P.(C) No. 11482/2022 & C.M. No. 33942/2022 1. Present writ petition has been filed challenging the order dated 23rd July, 2022 passed under Section 148A(d) of the Income ....

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..... 63,06,250/- during Financial Year 2013-14. 3. Learned counsel for the Petitioner contends that the Petitioner has consistently stated during the proceedings that he has not entered into any transaction with Mr. Jignesh Shah or Mr. Sanjay Shah, much less any loan transaction and that the Petitioner is ready to file an affidavit in this regard. He contends that the information on which the reas....

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.... term capital gain' of Rs. 63,06,250/- 6. This Court is of the view that the allegation in the notice issued under Section 148A(b) of the Act has to be precise, so that the assessee has a fair and reasonable opportunity to put forward its defence. In the event, the allegation in the notice under Section 148A(b) of the Act is incorrect or vague, the Assessee would be deprived of an opportunity o....

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....t by way of this order. 8. Learned counsel for the petitioner has no objection to the said course of action. 9. Consequently, the impugned order dated 23rd July, 2022 passed under Section 148A(d) of the Act and the notice dated 24th July, 2022 issued under Section 148 of the Act are set aside and the Petitioner-Assessee is given an opportunity to file a response to the notice under Section 1....