2024 (5) TMI 1682

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....handani, Mr. Salil Kapoor, Mr. Shivam Yadav, Ms. Ananya Kapoor and Mr. Tarun Chanana, Advs. For the Respondents : Mr. Gaurav Gupta, Sr.SC with Mr. Shivendra Singh and Mr. Yojit Pareek, Jr. SCs. ORDER 1. This writ petition has been preferred against the impugned notice dated 17 January 2023 issued under Section 153C of the Income Tax Act, 1961 ["Act"] for Assessment Year ["AY"] 2014-15 and....

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....A. 3. The issue in any case stands answered and covered in favour of the writ petitioner in light of the judgment rendered in Principal Commissioner of Income Tax Central - 1 vs. Ojjus Medicare Pvt. Ltd [2024 SCC Online Del 2439]. The relevant paragraphs of the aforesaid decision read as under:- "G. Insofar as the thresholds put in place by virtue of the Fourth Proviso to Section 153A ....

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....he Fourth Proviso using the expression "amounts to or is likely to amount". The usage of the phrase "likely to" is indicative of the Legislature being conscious of the provisional character of the opinion that the AO may have formed at that stage. H. However, and at the same time, even if the identified asset at that stage be quantified as less than INR 50 lakhs, the AO must for reasons t....

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.... Satisfaction Note itself. We are also of the opinion that the precondition of INR 50 lakhs is not liable to be viewed as being the qualifying criteria for each "relevant assessment year" that may be thrown open and that the said condition would stand satisfied if the escaped income cumulatively or in the aggregate meets the minimum benchmark of INR 50 lakhs." 4. Accordingly, and for reasons as....