TMI Blog2023 (1) TMI 1230X X X X Extracts X X X X X X X X Extracts X X X X ..... otice under Section 148A(b) is positioned. Before proceeding further, the AO will furnish the relevant information concerning the petitioner, after redacting information which concerns third parties. - W.P.(C) 512/2023 - - - Dated:- 17-1-2023 - HON'BLE MR JUSTICE RAJIV SHAKDHER AND HON'BLE MS JUSTICE TARA VITASTA GANJU For the Petitioner Through: Mr Ved Jain, Mr Nischay Kantoor, Mr Aminish Tripathi Ms Richa Mishra, Advocates. For the Respondents Through: Mr Abhishek Maratha, Sr. Standing Counsel for R-1 to 5. Mr Vardhman Kaushik, Mr Vinay Kaushik, Mr Ajay Kanojiya, Mr Ayush, Mr Dhruv, Advocates for R-6/UOI. [Physical Hearing/Hybrid Hearing (as per request)] RAJIV SHAKDHER, J.: (ORAL) CM APPL. 2026 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ning the aforementioned AY, a notice under Section 133(6) of the Act had been issued, wherein the share transaction entered into by the petitioner had been examined. For this purpose, our attention is drawn by Mr Jain to Annexure P-2 (Colly), which is appended on page 93 of the case file. 8. Mr Jain says that the petitioner had categorically taken the stand in response to notice dated 01.06.2022 issued under Section 148A(b) of the Act, that he is not in the business of trading in shares. It is also pointed out that the petitioner has, in the relevant AY, purchased 2,50,000 shares of an entity going by the name Vakrangee Limited amounting to Rs.3,13,38,750/- via a broker namely A.K. Stockmart Pvt. Ltd. 9. Mr Jain says that there is no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erges from the record is that the show cause notice which was issued on 01.06.2022 crystallized the allegation qua the petitioner in the following words: The assessee is involved in high value shares transaction/activities of Rs. 30 Cr. in AY 2015-16. The assessee has filed ITR for AY 2015-16 but no income has been shown under head Income from Capital Gain . The assessee has reflected income only under the head salary income from the other sources. 13. Given the fact that no information has been furnished to the petitioner as to how income chargeable to tax amounting to Rs.30 crores has escaped assessment, and since the order passed under Section 148A(d) of the Act only suggests that the assessee has not established his credit w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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