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TMI Blog2022 (9) TMI 1461X X X X Extracts X X X X X X X X Extracts X X X X ..... rd the arguments of Shri B. S. Soparkar, learned counsel appearing for the petitioner and Shri Varun K. Patel, learned counsel appearing for the respondent - assessee. [3] The short issue which arises for consideration in this petition is whether the notice dated 30.03.2021 (Annexure-A) issued under Section 148 deserves to be quashed or set aside for any reason whatsoever? [4] BRIEF - BACKGROUND OF THE CASE: Petitioner is a limited company, engaged in the business of manufacturing exports and trading of Dyes Intermediates. For the assessment year of 2013 - 2014 filed its return of income on 17.09.2013 and revised return of income was filed on 21.09.2013, which was processed under Section 143(1) of the Income Tax Act, 1961 (hereinafter re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessment, same had been disposed of in perfunctory manner and there has been total non- application of mind. He would submit that even otherwise the assessee being a company had filed Nil return and had paid tax on book profit computed under MAT provision and even if the said component of Rs.40 lakhs is proposed to the addition, it would not change the tax implication, as the assessee would still continue to be governed under the provisions of MAT, namely, Section 115JB and as such there would be no excess tax liability even under MAT provision and as such there is no escapement of tax and therefore reassessment does not arise. He would also contend that no sanction has been obtained as required under Section 151 of the Act, prior to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. Before we even seek to consider the matter further, we would request the learned senior counsel, Mr.Bhatt to call for the papers from the department and to assist the cause." [8] Perusal of the above order would indicate this Court in order to satisfy itself for issuance of notice to the respondents had called upon the standing counsel appearing for the department, to call for the papers from the department and to assist the cause. As such the records are said to have been produced before Court on 10.12.2021. However, the ordersheet does not reflect of such record having been tendered before the Court or same having been perused by Court. Be that as it may. The standing counsel who is present before the Court today would submit that a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 69A apart from being treated as unexplained credits, wherever applicable. It is this fact which persuaded the Assessing Officer to issue the notice stating thereunder that accommodation entry of Rs.40 lakhs in the form of fictitious loan was reflected from M/s Dishman Pharmaceuticals to the assessee. The assessee not only in its objections statement filed to the reopening of the assessment has stated that there was no such transaction and even the books of accounts which formed part and parcel of the assessment order passed under Section 143(3) did not disclose any such loan transaction for the assessment year 2013 - 2014 insofar as the assessee is concerned. In the absence of any foundational facts, the reasons recorded for reopeni ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pined:- "6. We find merit in the contention raised by Mr. Dave that the reasons assigned by the Assessing Officer for reopening of the assessment for the relevant year are factually incorrect. This is apparent from page : 35 of the paper book, which is a part of the return of income filed by the writ applicant. In column No.8 of the same, we find reference of Rs.52 Lakh towards full value of consideration. Although Mr. Bhatt tried to say something as regards the cost of acquisition with indexation, yet we are of the view that factually there is no foundation for the Revenue to reopen the assessment on the ground as alleged in the reasons assigned to the writ applicant - assessee." The principles laid down in aforesaid cases are squarely ..... X X X X Extracts X X X X X X X X Extracts X X X X
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