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TMI Blog2023 (2) TMI 423X X X X Extracts X X X X X X X X Extracts X X X X ..... DHER, J.: (ORAL) 1. The above-captioned writ petitions came up for hearing for the first time on 24.01.2023, when after hearing the counsel for the parties, which included Mr Ajay Vohra, learned senior counsel appearing on behalf of the petitioner and Mr Sunil Agarwal, learned senior standing counsel appearing on behalf of the respondents/revenue, the broad grievance of the petitioner was noted. 2. We had asked Mr Agarwal to return with instructions, given what we had recorded in our order dated 24.01.2023. It was made clear, that if instructions were received to resist the writ petition, counter-affidavit(s) would be filed in the matter. 2.1 Mr Agarwal has returned with instructions. 3. Before we proceed further, it would be helpful to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ails of this demand are set forth in a communication dated 03.01.2023, addressed by the petitioner/assessee to the Assistant Commissioner of Income Tax [in short, "ACIT"]. 7.1 For the sake of convenience, the said details, as provided by the petitioner/assessee, are extracted hereafter: S.No. AY Demand section Date of order Demand outstanding (in INR) 1 2015-16 147 29/03/2022 80,23,75,140 2 2015-16 271F 28/09/2022 5,000 3 2015-16 271(1)(b) 25/09/2022 10,000 4 2015-16 271(1)(c) 26/09/2022 30,74,23,463 5 2016-17 147 29/03/2022 93,41,86,200 6 2016-17 271(1)(b) 25/09/2022 10,000 7 2016-17 271F 28/09/2022 5,000 8 2016-17 271(1)(c) 26/09/2022 39,25,15,222 9 2017-18 147 30/03/2022 60,97,33,030 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (IV) the order dated 26.09.2022 imposing penalty under section 271(1)(c) of the Act; (V) the order dated 28.09.2022 imposing penalty under section 271F of the Act; in the case of the petitioner for assessment year 2015-16 and all proceedings / actions consequent thereto, including, but not limited to, the recovery notice dated 28.12.2022. b) grant ad-interim ex-parte relief in terms of prayer (a) above staying the effect and operation of the impugned assessment order dated 29.03.2022 passed under section 147 r.w.s. 144, and all actions/proceedings consequent thereto, including, but not limited to, the notice of demand under section 156 and the orders imposing penalty under sections 271(1)(b), 271(1)(c) and 271F of the Act, as well a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etitioner for assessment year 2016-17, during pendency of the present petition. In W.P.(C) 907/2023 a) issue a writ in the nature of mandamus/ certiorari or any other appropriate writ, order or direction for quashing of: (I) the notice dated 30.03.2021 issued under section 148 of the Income Tax Act, 1961 ('the Act'); (II) the assessment order dated 30.03.2022 passed under section 147 / 144 along with consequential notice of demand of even date issued under section 156 of the Act; (III) the order dated 25.09.2022 imposing penalty under section 272A(1)(d) of the Act; (IV) the order dated 28.09.2022 imposing penalty under section 271F of the Act; in the case of the petitioner for assessment year 2017-18 and all proceedings / acti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctions Free on Board (FOB) value of Exports undertaken during the year [A] Cost. Insurance and Freight (CII) value of Imports [B] Total of FOB value of Exports and CIF value of imports Rs.90,44,52,673 Rs.23,55,18,958 Rs. 68,06,34.963 Rs.98,61,53,921 A.Y.2016-17 As per the Respondent As per reported financial results of the Petitioner Amount of income alleged to have escaped assessment on account of Import-Export transactions Free on Board (FOB) value of Exports undertaken during the year [A] Cost. Insurance and Freight (CII) value of Imports [B] Total of FOB value of Exports and CIF value of imports Rs.113,41,74,820 Rs.32,85,74,548 Rs.80,21,02,319 Rs.113,06,76,903 A.Y. 2017-18: As per the Respondent As per reported fina ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f of the petitioner. 13. As noted above, what emerges, is that the Assessing Officer, in any event, has not able to crystallize, what according to him is the exact amount of income, which was chargeable to tax, and had escaped assessment. 14. In these circumstances, the best way forward, in our view, would be to give an opportunity to the petitioner to file objections to the notices issued under Section 148 [i.e., under the old regime] in line with the decision of the Supreme Court in GKN Driveshafts (India) Ltd. v. Income Tax Officer (2003) 259 ITR 19 (SC). As required under the said decision, the Assessing Officer will deal with the objections, and pass a speaking order. 15. In these circumstances, the assessment orders, as well as the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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