TMI Blog2021 (4) TMI 1028X X X X Extracts X X X X X X X X Extracts X X X X ..... e Assessment Year 2014-15 is already under reference to the Settlement Commission in terms of Section 245F(2) of the Act, which has been allowed to be proceeded with under Section 245D of the Act. Further, proceedings of the Settlement Commission have already been stayed vide order of the Hon'ble Supreme Court indicated here-in-above. Furthermore, it is undisputed that the order passed under S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or opposite party Nos.1, 2 and 3. Issue notice to the opposite party No.4 returnable at an early date. Notice to opposite party No.5 stands dispensed with at this stage and may be issued subsequently. The petition has been filed against the notice dated 06.02.2021 initiating proceedings for re-assessment under Section 148 of the Income Tax Act, 1961 for the Assessment Year 2014-15. Lea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urther submitted that subsequently vide order dated 20.3.2019, the registration of petitioner's society was cancelled w.e.f. 1.4.2008. The said order was challenged in Writ Petition No.11887 (MB) of 2019 which is pending consideration. Learned Senior Counsel appearing on behalf of the petitioner submits that in view of the aforesaid fact that proceeding before the Settlement Commission in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 12AA of the Act and there being no interim order in Writ Petition No.11887 (MB) of 2019, the impugned notice is valid in law, particularly in view of the reasoning that as a result of exemption claimed under Section 11 in return of income for the Assessment Year under consideration, it amounts to escapement of income within the meaning of clause (c) of Explanation 2 to Section 147 of the Act. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t this stage. The matter requires consideration for which the opposite parties are granted four weeks' time to file detailed counter affidavit. List thereafter alongwith Writ Petition Nos.5195 (MB) of 2017, 11887 (MB) of 2019 and 35707 (MB) of 2019. Considering the aforesaid factors, it is provided that the impugned reassessment notice dated 06.02.2021 shall remain stayed. - - Tax ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
