TaxTMI 
TaxTMI 
2026 (10) TMI 1109
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....ort "AY") 2015-16. 2. The assessee has raised the following grounds of appeal: "1. On the basis of facts and circumstances of the case, as well as the law on subject, the Ld. CIT(A) has erred in not condoning the delay in filing of appeal before learned CIT(A). 2. On the facts and circumstances of the case as well as law on the subject, the learned assessing officer has erred in treating the notice u/s. 148 issued on 25.06.2021 after taking prior approval of Jt. CIT, Range 1(3) as show cause notice u/s. 148A(b) of the Act instead of taking prior approval of Pr. CCIT or PDGIT for issuance of 148A(b) as required by the Act. 3. On the facts and circumstances of the case as well as law on the subject, the learned a....
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....ion, the Assessing Officer (in short "the AO") observed that the scrip in which assessee had traded was penny stock, which 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. The assessee was one of the beneficiaries of accommodation entries. The AO observed that the assessee had traded in the scrip of Appu Marketing & Manufacturing Ltd. / Ejecta Marketing Ltd. with trade value of Rs. 5,02,40,543/-. The AO further observed that the assessee claimed exemption of Long Term Capital Gain (in short "LTCG") to the tune of Rs. 4,92,39,060/- from share trading. Notices u/s. 142(1) of the Income Tax Act, 1961 (in short "The Act")....
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....ndment of Certain Provisions) Act, 2020." 6. Ld. AR for assessee submitted that following the above decision of Hon'ble Supreme Court in Rajeev Bansal, the Hon'ble Gujrat High Court has also quashed the notices issued by assessing authorities u/s 148 in (i) Mayur Kumar Babubhai Patel Vs. Assistant Commissioner of Income-tax (2025) 176 taxmann.com 25 (Gujrat) and (ii) Sorathia Mahesh Veljibhai HUF Vs. Income-tax Officer (2025) 179 taxmann.com 54 (Gujrat). The relevant paras of Sorathia Mahesh Veljibhai are re-produced below: "8. The matter was carried to Hon'ble Supreme Court. Hon'ble Supreme Court in case of Union of India v. Rajeev Bansal [2024] 167 taxmann.com 70/301 Taxman 238/469 ITR 46 (SC) decided the issues raised....
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....rt of Orissa at Cuttack in Writ Petition (C) Nos. 2446 of 2023, 2543 of 2023 dated 1.2.2023 and 2544 of 2023 dated 10.02.2023 respectively by which the High Court disposed of the original writ petitions in the following terms:- "1. The memo of appearance filed by Mr. S. S. Mohapatra, learned Senior Standing Counsel for Revenue Department on behalf of Opposite Parties is taken on record. 2. In view of the order passed by this Court on 1st December, 2022 in a batch of writ petitions of which W.P.(C) No.9191 of 2022 (Kailash Kedia v. Income Tax Officer) was a lead matter and the subsequent order dated 10th January, 2023 passed in W.P.(C) No.36314 of 2022 (Shiv Mettalicks Pvt. Ltd., Rourkela v. Principal Commissioner of Income....
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....20). Nothing further is required to be adjudicated in this matter as the notices so far as the present litigation is concerned is dated 25.6.2021. 6. In view of the aforesaid, in such circumstances referred to above the original writ petition nos.2446 of 2023, 2543 of 2023 and 2544 of 2023 respectively filed before the High Court of Orissa at Cuttack stands allowed. 7. The impugned notice therein stands quashed and set aside. 8. The relief in terms of prayer (a) is granted. 9. The appeals stand disposed of in the above terms. 10. Pending application(s), if any, stand disposed of." 11. Similar orders are also passed by the Apex Court in the following cases: 1) Asstt. CIT v. Nehal....
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....r the Assessment Year 2015-16, all the notices issued on or after 01.04.2021 will have to be dropped as they would not fall for completion during the period prescribed under the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 and therefore, nothing further is required to be adjudicated in the matters as the notice so far as the present petitions are concerned, though dated 31.03.2021, admittedly have been issued after 01.04.2021. 16. It is also not in dispute that the notices under section 148A(b) have been issued pursuant to the decision of the Hon'ble Apex Court in Ashish Agarwal (supra) dated 04.05.2022 admittedly after 31.03.2022. Therefore, on both counts, the notices issued under section....