TaxTMI 
TaxTMI 
2025 (12) TMI 1048
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....nt. 1. The present writ petition has been filed seeking following reliefs: "7(a) quash and set aside the impugned Notice dated 29/06/2025 issued under Section 148 of the Act and the Order dated 29/06/2025 passed under Section 148A(3) of the Act for Assessment Year 2019-20 at ANNEXURE "A (Colly.)" to this petition; (b) pending the admission, hearing and final disposal of this petition, stay the implementation and operation of the impugned Notice dated 29/06/2025 issued under Section 148 of the Act and the Order dated 29/06/2025 passed under Section 148A(3) of the Act for Assessment Year 2019-20 at ANNEXURE "A (Colly.)" to this petition and stay further proceedings for Assessment Year 2019-20;" FACTS 2. The petition....
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....not be said that there is any escapement, as the petitioner had already disclosed all the transactions in its returns, which are also reflected in the profit and loss account. It is further submitted that there is no material available to support the information leading to the alleged escapement of income. He has also referred to the provisions of Section 148A of the Act and has submitted that the Assessing Officer (AO) has concluded that the income, as mentioned hereinabove, has escaped assessment only on the basis of information provided on the portal, and that the impugned notice for reopening is nothing but a fishing and roving inquiry on the basis of such information. In support of his submissions, he has placed reliance on the judgmen....
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....r revealed that the petitioner had made financial transactions in the form of bogus purchases and sales aggregating to Rs. 5,66,44,146/-, as mentioned in the notice issued under Section 148A(1) of the Act. 6. Learned Senior Standing Counsel has submitted that at this stage, while examining the assessment of income under Section 148(1) of the Act, the prima facie opinion required to be formed is that the income has escaped assessment, and accordingly, the petitioner was called upon to furnish the details, as mentioned in the said notice. While placing reliance on the provisions of Section 148 of the Act, it is submitted that Shree Vasudev Babubhai Kapadia did not cooperate with the investigation and did not furnish details which had direc....
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....pon such comparison, it has categorically replied that, so far as the amount of Rs. 73,31,671/- is concerned, the same does not figure in the books of account, whereas the amount of Rs. 1,73,89,827/- pertains to sales of rough diamonds to Vaibhav Enterprise, proprietor Janakbhai Vasudev Kapadia, during AY 2018-19, for which all the details were offered. Upon receipt of such reply, the respondents held that the same would be looked into in detail during the assessment proceedings. Thus, so far as the amount of Rs. 73,31,671/- is concerned, the petitioner had categorically explained that it does not find place in the books of account; the Assessing Officer has cursorily and perfunctorily responded that the same would be looked into during the....
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....ts stipulated by Section 147 must be given due and equal weight. In the present case, we find that the petitioner has categorically declared all its income, including profit and loss account, and the transactions with Vasudev Babubhai Kapadia, which were subject to further assessment. The present proceedings are invoked only because Vasudev Babubhai Kapadia did not cooperate with the respondent authority in explaining his alleged bogus purchases. The respondent authority, on the pretext that Vasudev Babubhai Kapadia and one Janakbhai Vasudev Kapadia have made alleged bogus purchases and not offered their explanation, has roped the petitioner into proceedings under Section 148 of the Act. Thus, there is nothing recorded in the order which wo....