2025 (12) TMI 1526

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....ces have been challenged on the ground that the Assessing Officer had become functus officio, and had no jurisdiction to issue the aforesaid Notices. 2. According to the Petitioner, the Petitioner entered into a scheme of arrangement with BAJEL Projects Limited ("BPL") for demerger of its Power Transmission and Power Distribution Business. BPL is a public Company incorporated on 19th January, 2022, and its main object was to carry out power transmission and power distribution. The appointed date of the demerger, as per the scheme of arrangement, was 1st April, 2022, and the effective date was 1st September, 2023. This scheme of demerger was approved by the National Company Law Tribunal, Mumbai ("NCLT") on 8th June, 2023. Subsequently, th....

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.... of income was selected for Scrutiny Assessment in accordance with the provisions of the Act, and subsequently a Notice under Section 142(1) dated 29th June, 2024 was also issued. To these notices, the Petitioner filed their replies dated 4th July, 2024, 15th July, 2024 and 8th November, 2024. 7. It is the case of the Petitioner that during the course of the Assessment proceedings, the Petitioner filed a letter dated 6th November, 2024 with Respondent No. 2 intimating the filing of the modified return of income under Section 170A, and requested Respondent No. 2 to conclude the Assessment proceedings based on the modified return of income. In this letter, the Petitioner pointed out that the scheme approved by the NCLT required the Petitio....

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....that the Notice under Section 143(2) dated 24th June, 2025, and Notice dated 14th November, 2025 issued under Section 142(1), are impugned in the present Writ Petition. 10. The learned advocate appearing on behalf of the Revenue sought time to file an Affidavit-in-Reply to the above Writ Petition. Acceding to the request of the Revenue, we direct that the Reply shall be filed on or before 12th January, 2026, and a copy of the same shall be served on the advocate for the Petitioner. 11. As far as ad-interim relief is concerned, we find at least prima facie considerable force in the argument canvassed on behalf of the Petitioner. In the original Assessment proceedings, a Notice dated 21st January, 2025, under Section 142(1) was issued t....