TaxTMI 
TaxTMI 
2026 (8) TMI 967
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....f notice of rule on behalf of the respondents. Since a short issue is involved in the matter, the same is taken up for final hearing today. 2. By way of the present writ petition, the petitioner has prayed for quashing and setting aside of the order dated 04.06.2025 passed under Section 148A(3) of the Income Tax Act, 1961 (for short 'the Act') and the Notice dated 04.06.2025 issued under Section 148 of the Act for the assessment year (A.Y) 2021- 22. FACTS OF THE CASE 3. The petitioner is a private limited company incorporated under the provisions of the Companies Act, 2013. The petitioner is engaged in the business of trading supplying gold and silver jewellery. For the A.Y 2021-22, the petitioner filed its return of income under S....
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.... 144B of the Act, estimating 10% of profit on the sales on the ground of bogus purchases and made additions. These additions has led to determination of total income at Rs. 28,43,18,984/- and raised a demand of Rs. 12,61,31,080/- vide Notice under Section 156 of the Act dated 27.12.2022. 3.3 During the scrutiny assessment for A.Y 2021-22 concluded under Section 143(3) read with Section 144B of the Act on 27.12.2022 the respondents had rejected the books of accounts and made substantial additions by estimating net profit at 10% of the total sales turnover. The entire basis of estimation included analysis of alleged high risk suppliers and purchases considered to be non-genuine. Therefore, the issues now sought to be reopened namely purcha....
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....s, details of unsecured loans and trade payable, stock summary and salary payment records were already been examined during the scrutiny assessment under Section 143(3) of the Act, which has been concluded on 27.12.2022. It is submitted that there are no fresh tangible material which came into possession of the respondent authority, post assessment to justify the current reopening of the assessment. It is alleged that the reopening is based on the same facts which were previously examined and just constitutes a change of opinion, which is not permissible under the law. Thus, it is urged that the writ petition may be allowed. SUBMISSIONS ON BEHALF OF THE RESPONDENT 5. Opposing the submissions advanced, learned Senior Standing Counsel M....
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....ns from suppliers, bank statements, details of unsecured loans and trade payable, stock summary and salary payment records before the assessing officer. 7.1 The assessing officer had specifically called for the details with regard to the Credit Note Ledger of M/s Vishu Gold and Viram Jewellers, which were duly supplied by the petitioner. After considering the detailed submissions, the respondents passed the final assessment order dated 27.12.2022 under Section 143(3) read with Section 144B of the Act, estimating 10% of profit on the ground of bogus purchase and made other additions, these additions led to total determination of income at Rs. 28,43,18,984/- and a demand of Rs. 12,61,31,080/- raised vide Notice dated 27.12.2022 issued unde....