TaxTMI 
TaxTMI 
2025 (2) TMI 1971
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....(iv) Restrain the respondents from taking any proceedings in pursuance of the impugned notice dt. 31.3.2015 and impugned order dt. 12.5.2015; (v) Hold that the re-assessment proceedings in question are illegal, void and without jurisdiction; (vi) Quash the impugned order of sanction/ approval u/s 151, if any granted by the higher authority; (vii) Summon the original records of the case and in alternative, direct the respondent no. 2 to supply the copies of order sheets and copy of order granting approval u/s 151 of the Act; (vii) Any other appropriate relief including cost of the writ petition, as may be considered just and reasonable in the facts and circumstances of the case." 2. The petitioner, a Scheduled Commercial Bank constituted under the provisions of the Regional Rural Bank Act, 1976 (hereinafter referred to as the "RRB Act"), is engaged in the banking business and operates through 601 branches across the State of Rajasthan. The petitioner asserts that, for the purposes of the Act of 1961, it holds the status of a Cooperative Society and is entitled to be treated as such under the relevant statutory framework. 2.1. The petitioner ....
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....ned notice under Section 148, raised preliminary objections on 07.05.2015, challenging the validity of the said notice. However, the respondent No.2, without due and proper appreciation of the objections raised, rejected the same vide the impugned order dated 12.05.2015. 2.7. The petitioner subsequently requested for copies of the order sheets granting sanction under Section 151 from the respondent No.2. However, the respondent No.2 failed to duly act upon the petitioner's request. 3. Mr. Anjay Kothari, learned counsel for the petitioner Bank submits that the impugned notice dated 31.03.2015 and the impugned order dated 12.05.2015 issued by the respondent no.2 are illegal and without jurisdiction as the same have been issued without satisfying the condition precedent for exercise of jurisdiction under Section 148 read with the first proviso to Section 147 and Section 151 of the Act of 1961. 3.1. Learned counsel further submits that the prerequisite for initiating reassessment proceedings under the first proviso to Section 147, read with Section 148, mandates that the Assessing Officer must have a reason to believe that any income chargeable to tax has escaped assessmen....
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.... 3.4. Learned counsel also submits that it is evident from the notice issued under Section 148 of the Act of 1961, that the reassessment proceedings have been initiated exclusively for the purpose of verification, to ascertain whether the deductions claimed and granted in favor of the petitioner were correctly availed, but in the present case, the same has been done merely by expressing doubts on the admissibility of such claims, even without satisfying the condition precedent therefor, as laid down in Section 147 of the Act of 1961. 3.5. In support of such submissions, learned counsel relied upon the following judgments: (i) Joint Commissioner of Income Tax & Anr. vs Cognizant Technology Solutions India (P) Ltd. (2023) 6 SLPCTO 63; (ii) Assistant Commissioner of Income Tax & Ors. vs CEAT Ltd. (2022) 449 ITR 171 (SC); (iii) Assistant Commissioner of Income Tax & Ors. vs Kalpataru Land (P) Ltd. (2022) 447 ITR 364 (SC); (iv) Assistant Commissioner of Income Tax vs Marico Ltd. (2020) 272 Taxman 179 (SC); (v) Commissioner of Income Tax vs Kelvinator of India Ltd. (2010) 320 ITR 561; (vi) Rampal Samdani vs. Union of India & Ors.....
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....unsel further submits that the material which was placed before the authorities indicated that full and true disclosure of the relevant facts has not been made by the petitioner and thus, the provisions of Section 147 of the Act of 1961 were rightly invoked in this case. 4.3. Learned counsel also submits that the objections raised by the petitioner were duly addressed by passing a well reasoned order dated 12.05.2015. 4.4. Learned counsel further submits that the Assessing Officer is vested with wide powers, including the authority to initiate proceedings relating to escaped assessment. Once an order has been duly passed, supported by adequate reasoning and sufficient material, any judicial interference by this Hon'ble Court at this stage would be unwarranted and inappropriate. 5. Heard learned counsel for the parties as well as perused the record of the case, alongwith the judgments cited at the Bar. 6. This Court observes that the instant petition lays a challenge to the impugned notice dated 31.03.2015 issued under Section 148 of the Act of 1961 by the respondent no. 2 to the petitioner for re-opening the assessment for the year 2008-09, that has been already complet....
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....erial facts necessary for its assessment for that assessment year. The aforesaid rule laid down in the proviso shall be read in light of the principle of law as is provided in the first para of Section 147, which requires the assessing officer to have ''reasons to believe'' to subject the assessee to the provisions of Sections 148 to 153 of the Act of 1961. 9. This Court therefore observes that for addressing the challenge-raised by the petitioner, it is pertinent to determine whether the action taken in the present case is in consonance with the provisions of Section 147, and in particular, the proviso thereto. 10. This Court further observes that the information available on record establishes that the petitioner-assessee has duly submitted all material facts and particulars as required by the Assessing Officer for the purpose of assessing the petitioner's income. Furthermore, it is evident that there has been no willful concealment, suppression, or non-disclosure on the part of the petitioner in providing the requisite information during the course of the original assessment proceedings. 11. Moreover, no fresh material or information has been brought on record or di....