2026 (8) TMI 1833

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....ssee's appeal against the reassessment order dated 30 March 2022 passed under section 147 of the Income-tax Act, 1961, by the ITO, Karnataka-C(131)(1), Bengaluru (the learned AO). 2. The Assessee has raised the following grounds of appeal: 1. The orders of the authorities below in so far as they are against the appellant, are opposed to law, equity, weight of evidence, probabilities, facts and circumstances of the case. 2. The impugned order passed u/s. 147 of the Act is bad in law and void ab-initio in as much as the reasons recorded for reopening have not been furnished to the appellant as prayed for and therefore, the impugned order passed is contrary to judgement of the Hon'ble Supreme Court in GKN Driveshafts r....

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....s vide allotment letter dated 30/06/2011, much prior to the introduction of the aforesaid Income Tax Rules introducing FMV for non-quoted Equity Shares under the facts and circumstances of the appellant's case. 4. Without prejudice to the right to seek waiver with the Hon'ble CCIT/DG, the appellant denies herself liable to be charged to interest u/s 234-B and 234-D of the Act, which under the facts and in the circumstances of the appellant's case deserves to be cancelled. 5. For the above and other grounds that may be urged at the time of hearing of the appeal, your appellant humbly prays that the appeal may be allowed and Justice rendered and the appellant may be awarded costs in prosecuting the appeal and als....

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....(A), who upheld the action of the learned Assessing Officer. 6. The assessee is, therefore, in appeal before us. The learned authorised representative, Shri V. Srinivasan, Advocate, appearing for the assessee, filed a paper book comprising 37 pages and submitted that the assessee had sought the reasons recorded for reopening the assessment by letter dated 17 April 2021, and had reiterated the request on 9 July 2021. However, the reasons recorded for reopening were not supplied to the assessee. He submitted that the Hon'ble Karnataka High Court, in 103 taxmann.com 201, relying on the decision of the Hon'ble Supreme Court, has held that where the reasons for reopening are not furnished to the assessee, the assessment framed pursuant to suc....