9911796707
TMI Blog2022 (5) TMI 1352X X X X Extracts X X X X X X X X Extracts X X X X ..... to an order passed under Section 148A(d) of the Act on 27th March, 2022 by the Respondent No.1. 2. Learned counsel for the Petitioner states that the Petitioner was asked to comply with the Show Cause Notice dated 21st March, 2022 by 25th March, 2022, thereby not giving him the minimum statutory prescribed time of seven days to reply to the notice. 3. He points out that the notice under Section 148A(b) of the Act was issued by the Respondent No.1 on 21st March, 2022 for the Assessment Year 2018-19 stating that the Petitioner has claimed bogus Long Term Capital Gains ('LTCG') of Rs.1,23,21,875/- on purchase and sale in the shares of M/s Achal Investments Ltd. However, he points out that the next paragraph of the notice stated that the inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned order erroneously records that the Petitioner had not furnished any response to the Show Cause notice dated 21st March, 2022. 8. On 2nd May, 2022, when this Court had heard the matter, learned counsel for the respondent on advance notice had stated that there was suppression of facts by the petitioner. Consequently, this Court had directed the respondent to file a short affidavit. 9. Today, learned counsel for the respondents has handed over a short affidavit in Court and the same is taken on record. In the short affidavit filed by the respondents, it is stated that the petitioner was issued two show cause notices under Section 148A(b) of the Act dated 23rd March, 2022 and 21st March, 2022 pertaining to Assessment Years 2015-16 and 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tioned in the 148A(b) and demand notice pertained to claim of bogus LTCG on purchase and sale of shares of Achal Investments Ltd. and not with regard to alleged accommodation entries provided by Shri Naresh Jain. Consequently, this Court is of the view that the principles of natural justice have been violated on the present case. 14. Accordingly, the show cause notice dated 21st March, 2022 issued under Section 148A(b), the order dated 27th March, 2022 issued under Section 148A(d) and the notice dated 27th March, 2022 issued under Section 148 of the Act for the Assessment Year 2018-19 are quashed. If the law permits the respondents/revenue to take further steps in the matter, they shall be at liberty to do so. Needless to state that if and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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