TaxTMI 
TaxTMI 
TaxTMI 
2026 (3) TMI 337
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....erred as 'the Act']. 2. Brief facts of the case are that the assessee is a company who had filed its return of income on 24/02/2010 declaring income of Rs. 21,777/- in response to notice u/s 148 of the I.T. Act, 1961. In this case, an information was received from the Director of Income Tax Intelligence, Kanpur, that the assessee has allotted shares at unreasonable premium during the year. Subsequently, notices u/s 142(1) of the I.T. Act, were issued from time to time to furnish the necessary compliance of the notices issued. In response, AR of the assessee appeared and furnished a reply dated 12/08/2014. Notice u/s 143(2) dated 14/08/2014, was issued to the assessee for hearing on 20/08/2014. Further, notices u/s 142(1) was issued from ....
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....has wrongly deducted the net profit from the agricultural income and the same is disallowed. The assessee also stated that interest was not charged on loan & advances Rs. 87,00,000/- under the head current assets because the company has not given any interest on unsecured loan taken during the year. The assessee has advanced loan for Rs. 87lacs, during the year without charging any interest. Since, the above loan have been advanced without any business purpose, hence, it is assumed that interest should be earned by the company on above advance. Thus, the AO estimated Rs. 5,31,577/- as interest @6.11% on above advance and made an addition of Rs. 5,31,577/- on account of interest charged on the advance of Rs. 87 lacs during the year. The AO a....
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....hich is required to be served upon him, has been duly served upon him in tie in accordance with the provisions of this Act and such assessee shall be precluded from taking any objection in any proceedings or inquiry under this Act that the notice was - (a) not served upon him; or (b) not served upon him in time; or (c) served upon him in an improper manner" It was submitted that since, no objection was raised by the assessee with regard to approval u/s. 151 of the Act, during entire assessment proceedings nor before the CIT(A), the ratio of above judgement squarely applies in the case of the assessee. Therefore, the claim of the assessee at this stage is not acceptable. 6. We have heard the rival contentions....
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.... note are reproduced as under:- 10. In view of the aforesaid discussions, we are of the considered view that the ITO, Ward 2(2), Ghaziabad has recorded the satisfaction note on 28.3.2024 and without obtaining prior approval of the competent authority, issued the notice u/s. 148 of the Act on the same date viz. 28.3.2024, thus, the said notice issued u/s. 148 of the Act is totally vague and mechanical and without application of mind It is also noted that in the said notice issued u/s. 148 of the Act, there is nothing is strike off and everything left open/blank by the ITO, Ward 2(2), Ghaziabad which shows that the notice is invalid and the consequent assessment on the basis of this invalid notice has become void ab initio, thus, the asses....
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.... Satanotra Stash. n ...... Cloudges Pulita. - Document 2 CA INDIA MANOJ SANTOSH & CO. Chartered Accountants R-10/B-2, Raj Nagar, Ghaziabad-201002 Ph. 0120-2828845, 9810049930 Email: - [email protected] To. The Income Tax Officer/Assistant Commissies of more Taxe Ward-2(2) (2) / circulo 2(1) (1) Date: - 08.12.2025 Ghaziabad. Re :- In the case of Richhpal Steel Udyog Private Limited, R-80 Raj Kunj, Ghaziabad. PAN :- AACCR79580 A.Y.2009-10 Sub :- Application for certified copy of reasons recorded and approval / sanction Reg .:- Sir, In the above referred case, the then ITO Ward-2(2) Ghaziabad has reopened the case u/s 147 and consequently passed an assessment order u/s143 r.w.s. 147 of the Income ....