TaxTMI 
TaxTMI 
2025 (12) TMI 1360
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....ule on behalf of the respondent. 2. With the consent of the learned advocates appearing for the respective parties, the matter is taken up for final hearing and is decided by this judgment and order. 3. The petition has been filed seeking the following reliefs: "(a) quash and set aside the impugned notice dated 19.06.2025 as well as the impugned order dated 19.06.2025 at ANNEXURE "A (COLLY.)" to this petition; (b) pending the admission, hearing and final disposal of this petition, to stay the implementation and operation of the impugned notice dated 19.06.2025 as well as impugned order dated 19.06.2025 at ANNEXURE "A (COLLY.)" to this petition and stay further proceedings for Assessment Year 2021-22; (c) any....
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....s.12,16,51,000/- had escaped assessment and, accordingly, formed an opinion that it was a fit case for issuance of Notice under Section 148 of the Act. Pursuant thereto, the respondent issued the impugned Notice dated 19.06.2025 under Section 148 of the Act, seeking to reopen the assessment of the petitioner for the year under consideration. SUBMISSIONS ON BEHALF OF THE PETITIONER BY LEARNED SENIOR ADVOCATE MR. HEMANI :- 8. Learned Senior Advocate Mr. Tushar Hemani, assisted by learned advocate Ms. Vaibhavi K. Parikh, appearing for the petitioner has submitted that the impugned Notice issued under Section 148 of the Act and the consequential order passed under sub-section (3) of Section 148A of the Act for the year under consideration....
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....rd to indicate any escapement of income arising from such transactions. 11. It is also submitted that the respondent-authority has not found any infirmity or defect in the documentary evidence furnished by the petitioner, including the bank statements reflecting the transactions in question. There is no finding of any exchange of cash, nor is there any material to suggest any return of money after the execution of the transactions through banking channels and the impugned reopening has been initiated mechanically and solely on the basis of inputs received through the STR (Suspicious Transaction Report), without due consideration of the detailed submissions and documentary evidence placed on record. 12. In view of the aforesaid submiss....
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....t to reopen the assessment by invoking the provisions of Section 148 of the Act on the ground that income offered by the petitioner has escaped assessment. A perusal of the impugned notice as well as the impugned order reveals that the respondent has formed such an opinion primarily on the allegation that the petitioner had entered into "circuitous" transactions with related parties. However, we do not find any material or evidence worth the name on record to suggest that there was any escapement of income on account of such transactions, which would invite the rigours of Section 148 of the Act. No finding has been recorded by the respondent-authorities with regard to any exchange of cash or any return of money after the execution of the tr....