2026 (7) TMI 215

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....ommon order. The Special Civil Application No. 16944 of 2019 is treated as lead matter. 2. In the present writ petitions, the petitioners have assailed the impugned notices dated 26.03.2019 issued under Section 148 of the Income Tax Act, 1961 (for short 'the Act') along with preliminary orders dated 07.09.2019. 3. Brief facts of the case are that, the petitioner is being regularly assessed to tax by the Income-tax Office. For the Assessment Year (for short 'A.Y.') 2012-13, Return of Income was filed on 12.09.2012. 3.1 The respondent issued a notice under Section 148 read with Section 147 of the Act dated 26.03.2019 for re-opening of the assessment for A.Y.2012-2013. 3.2 The reasons recorded for reopening of assessment under Sect....

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.... the A.Y. 2012-13 and has submitted that in fact the petitioner has dealt with Bagra Partishtan Ltd., and sought exemption of long term capital gain and not in M/s. 21st Century as alleged by the Assessing Officer. Thus, it is urged that the impugned notices for reopening of the assessment are required to be quashed and set aside. 5. Opposing the present petitions, the learned Senior Standing Counsel Mr. Karan Sanghani while referring to the affidavit-in-reply has submitted that, the notices issued to the petitioner under Section 148 of the Act was issued to the petitioner assessee in the office of the Assessing Officer for A. Y. 2012-13 after recording the reasons and receiving due approval from the competent authority and the notice wa....

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.... reveals that the Assessing Officer has exclusively alleged that the petitioner has indulged in purchase and sale of penny stocks of M/s. 21st Century through entry operator Mr. Ashok Kumar Kayan by selling the shares worth Rs. 17,62,150/- during the financial year 2011-12 relevant to A.Y. 2012-13. It is further alleged that the scrips in which the assessee traded were penny stock and were used by brokers/entry operators to provide accommodation entries so as to convert the unexplained cash into legitimate income in the form of LTCG to the beneficiaries. In his reply dated 01.07.2019, the petitioner categorically referred that he has not dealt in the shares of M/s. 21st Century and have not sold any share of this penny stock company through....