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TMI Blog2023 (1) TMI 1230X X X X Extracts X X X X X X X X Extracts X X X X ..... ns. W.P.(C) 512/2023 &CM APPL. 2025/2023[Application filed on behalf of the petitioner seeking interim relief] 2. Issue notice. 2.1 Mr Abhishek Maratha accepts notice on behalf of the respondent nos.1 to 5/revenue, while Mr Vardhman Kaushik accepts notice on behalf of the respondent no. 6/UOI. 3. In view of direction that we propose to pass, Mr Maratha says that counter-affidavit need not be filed. Therefore, with the consent of the counsel for the parties, the writ petition is taken up for hearing and final disposal at this stage itself. 4. The instant writ petition seeks to challenge the notice dated 23.06.2021 issued by the respondent no.1, as also the notice dated 01.06.2022 issued under Section 148A(b) of the Income Tax Act, 1961 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 148A(d) of the Act for triggering reassessment proceedings. Mr Jain also submits that no material or information was supplied in support of the allegation that the petitioner was trading in shares. 10. Mr Maratha, who appears on behalf of the contesting respondents, i.e., respondent Nos.1 and 2, says that Vakrangee Limited is presently under an inquisition by the Securities and Exchange Board of India [in short, "SEBI"]. 11. Furthermore, Mr Maratha also places reliance on the following parts of the order dated 31.07.2022: "6...... (vi) Even though the assessee has himself admitted that he has purchased 2,50,000 shares of Vakrangee Ltd. for a sum of Rs.3,13,38,750/- from AK Stockmart Pvt. Ltd. but he failed to prove its source of in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y forward would be to set aside the impugned order passed under Section 148A(d) with the following directions: (i) The Assessing Officer [in short, "AO"] will carry out a de novo exercise from the stage at which notice under Section 148A(b) is positioned. (ii) Before proceeding further, the AO will furnish the relevant information concerning the petitioner, after redacting information which concerns third parties. (iii) The petitioner will cooperate during the course of proceedings and furnish information with regard to the allegation levelled against him, as crystallized in the notice issued under Section 148A(b) of the Act. (iv) The AO will grant personal hearing to the petitioner and/or his authorized representative. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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