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TMI Blog2023 (5) TMI 280X X X X Extracts X X X X X X X X Extracts X X X X ..... a/w. Ms. Shilpa Goel. JUDGMENT [PER: KAMAL KHATA, J.] 1. Rule. Rule made returnable forthwith. Respondents Counsel waives service. 2. By this Petition under Article 226 of the Constitution, the Petitioner seeks a Writ of Mandamus to quash and set aside the impugned notice dated 26th March 2021 under section 148 of the Income Tax Act, 1961 ("the Act") whereby the Respondent No. 2 proposed to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6th March 2021 is issued after a period of four years following which a return of income was filed by the Petitioner on 14th April 2021. This was followed by Notice u/s 143(2) dated 10th November 2021 and notice u/s 142(1) dated 15th November 2021 seeking details to which the Petitioner filed a response dated 24th November 2021 and objected to the re-assessment by communication dated 28th January ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld it for a consideration of Rs.1,15,90,280/-. Therefore he held that the long term capital gain would be unexplained investment/income from other sources and not a capital gain as claimed by the assessee on the premise that entire transaction of purchase and sale of shares were a part of accommodation entry and represents unexplained investment made by assessee in cash to obtain an equivalent amo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It is well settled judicial principal that, the true test of income chargeable to tax escaping assessment is whether there exists fresh "tangible material" on the basis of which appropriate conclusion is reached. In the absence of such material the reassessment proceedings would be invalid. This principle has been upheld by the Apex Court as well as the jurisdictional High Courts in various rulin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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