TaxTMI 
TaxTMI 
2026 (2) TMI 878
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....t, 1961 passed for the Assessment year 2016-2017 by the 2nd respondent. 2. The petitioner had earlier filed its Return of Income on 13.09.2016, declaring a total taxable income of Rs. 17,97,506/- for the Assessment year 2016-2017. Thereafter, the petitioner was issued with a Section 148 Notice dated 23.04.2021 under the provisions of the Income Tax Act under the old regime as in force till 31.03.2021. 3. Meanwhile, the Hon'ble Supreme Court delivered its judgement in Union of India and others vs. Shri Ashish Agarwal and others, which later clarified by the decision of the Hon'ble Supreme Court in Union of India vs.Rajeev Bansal, 2024 SCC Online SC 2993. 4. It is in this background, a fresh notice dated 23.05.2022 and 24.05.2022 was....
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....ce which is reiterated above. The information provided above was complete allegation made on us. We also attach a copy of our financial statement for the period 01.04.2015 to 31.06.2016 to substantiating our claim. Hence, we kindly request you to consider our explanation and drop the proceedings under 148A." 7. The re-assessment proceedings initiated against the petitioner for the said Assessment year under the provisions of ultimately culminated in the issuance of Section 148 notice of the Income Tax Act, 1961 under the new regime which came into force with effect from 01.04.2021. 8. Pursuant thereto, fresh notices were issued under Section 144B of the Act and the assessment proceedings were proceeded under the said provisio....
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....as mentioned in your notice in the scrips of Nyssa Corp. 3. The assessee was unaware that such transactions were happened in the assessee's name. 4. The assessee has disclosed all the entries in the books of accounts and the same hus been audited, which does not consider any transactions that has happened with trading of shares/scrips in Nyssa Corp or with Shri Naresh Jain. 5. As mentioned by you, the effect of accommodation has not at all happened since the assessée has filed the return of income without claiming such short term capital loss. 6. When the assessee has not received any benefit due to the accommodation provided by Shri Naresh Jain as mentioned in your notice, they have not evaded....
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....ph Nos.14 to 18 of the Counter Affidavit filed in this Writ Petition, wherein it has been stated as follows:- "14. Further, the 2nd respondent also received responses to the notices issued under Section 133(6) of the Income Tax Act, 1961. from the National Stock Exchange of India Limited on 08.05.2023 and from BSE Limited on 15.05.2023. Based on the global report provided by BSE. it is observed that the petitioner engaged in trading of shares during the relevant period, which included a buy quantity of 7,33,607 shares valued at Rs. 3,41,48,194/- and a sell quantity of 61.11.477 shares valued at Rs. 1.71,02,481/-, resulting in a net loss of Rs. 1,70,45,713/- with a remaining quantity of 1,22,130 shares. The aforesaid trading also in....
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.... and unaccounted for. Accordingly, the total amount invested in the stock market, amounting to Rs. 5,47,92.301/- (Rs. 3,41,48,194/- + Rs. 1,03,05,585/- + Rs. 1,03,38,522/- ) was treated as unexplained investment under Section 69 read with Section 115BBE of the Income Tax Act, 1961. Consequently, the assessment order under Section 147 read with Section 144B of the Income Tax Act, 1961, was passed on 26.05 2023. 18. With respect to Para 12, it is submitted that vide notice issued under Section 142(1) of the Income Tax Act, 1961. dated 26.04.2023, the petitioner was specifically requested to furnish details of all transactions undertaken in respect of traded shares, derivatives, futures and options. the statement of STCG/ LTCG, the de....
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.... Explanation. For the purposes of assessment or reassessment or recomputation under this section, the Assessing Officer may assess or reassess the income in respect of any issue, which has escaped assessment, and such issue comes to his notice subsequently in the course of the proceedings under this section, irrespective of the fact that the provisions of section 1484 have not been complied with.] Hence, the petitioner's case squarely falls within the ambit of the Explanation to Section 147 of the Income Tax Act, 1961." 15. I have considered submissions made by the learned counsel for the petitioner and learned Senior Standing counsel for the respondents and have perused the material on record. 16. Upon perusing the ....