TaxTMI 
TaxTMI 
2026 (10) TMI 62
X X X X Extracts X X X X
X X X X Extracts X X X X
....dent : Mr. Nitin Jain, Adv. Ms. Kriti Kalawatia, Adv. ORDER (ORAL) PER: ARUN MONGA, J.: 1. The petitioner, a senior citizen and a retired government servant, inter alia, seeks quashing of the impugned order dated 29.06.2026 and the consequential notice of the same date, issued by the Assistant Commissioner of Income Tax, Circle-1, Jaipur, Rajasthan, under Sections 148A(3) and 148, respectively, of the Income Tax Act, 1961 ("the Act of 1961"). By the said order and notice, reassessment proceedings for the Assessment Year 2022-23 (Financial Year 2021-22) have been initiated against the petitioner. In the alternative, the petitioner seeks remand of the matter to the Assessing Officer with a direction to the respondents to furnish the ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....148A(3) of the Act of 1961. The respondent No.2 concluded that income chargeable to tax had escaped assessment and issued the consequential notice dated 29.06.2026 under Section 148 of the Act of 1961. 2.4 Hence, the instant writ petition. 3. Learned counsel for the petitioner submits that the impugned reassessment proceedings stand vitiated on account of violation of the principles of natural justice, inasmuch as the material relied upon by the Assessing Officer was never furnished to the petitioner. It is submitted that the notice issued under Section 148A(1) of the Act of 1961 merely referred to the alleged transaction of Rs.40,68,87,462/- without disclosing the underlying particulars or source material. Consequently, the petitione....
X X X X Extracts X X X X
X X X X Extracts X X X X
....transactions in the shares of GR Infraprojects Limited aggregating to Rs.40,68,87,462/-. It is submitted that, before expiry of the period of limitation, the Assessing Officer had sought verification of the transaction and PAN mapping from respondent No.3. Qua the same, on a court query, learned counsel for the respondents submits that upon subsequent verification, respondent No.3, vide e-mail dated 06.08.2026 and letter dated 07.08.2026, clarified that the information had inadvertently been mapped to the petitioner's PAN. The alleged transaction, in fact, pertained to another name sake person, namely, Sh. Pradeep Kumar, bearing PAN AABPA5295L. 5. Having heard learned counsel for the parties, it is evident that while the petitioner assai....
X X X X Extracts X X X X
X X X X Extracts X X X X
....held by him. 3. In the current digital world, it is not possible to acquire shares without having a Demat account, and that too of a company which has offered shares to the general public through an Offer For Sale (OFS). Intriguingly, neither the revenue has shown any remittance of money by the petitioner to the company, l.e., M/s. G.R. Infra Projects Limited, towards the alleged purchase of such shares, nor any such shareholding is reflected in the Demat account maintained by the petitioner. Yet, on the basis of information received from the Deputy Director General of Investigation, Gurugram, the Assessing Officer has disbelieved the petitioner without, it so appears, verifying either the bank details or the Demat account of the p....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ing of a PAN which did not belong to the petitioner. Rather, the respondents have taken the curious stand that, despite being aware that the PAN did not belong to the petitioner, and since the correct PAN details were not available, the proceedings were initiated against the petitioner merely to avoid the bar of limitation, which was to expire on 30.06.2026, without verifying his particulars or credentials. 8. The relevant stand taken by the respondents in the affidavit, for ready reference, is reproduced hereinbelow:- (xxxx....xxxx....xxxx) "5. That thereafter, in order to ascertain correct and true facts, the AO i.e. DCIT, Circle-1, Jaipur had issued letters to DDIT(Inv.)-1, Gurugram on 24.04.2026, 15.05.2026 and 17.06.2026....