9911796707
TMI Blog2023 (12) TMI 98X X X X Extracts X X X X X X X X Extracts X X X X ..... lenging the impugned assessment order dated 09.03.2022 passed by the second respondent under Section 147 r/w Section 144 of the Income Tax Act, 1961 for the Assessment Year 2013-14. 2. Ms.Gayatri.T, learned counsel appearing on behalf of the petitioner [Transferor Company], would submit that the impugned assessment order came to be passed mainly on the ground that the petitioner company had failed to disclose its investment in the Mutual Funds to the extent of Rs. 3.10 Crores. In the impugned Assessment Order, it has been stated that a series of show cause notices [first notice was dated 15.11.2021] were sent to the assessee [petitioner herein] and since no response were received on behalf of the assessee, the impugned Assessment Order dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al Company Private Limited by virtue of an order dated 14.10.2011 passed by Hon'ble Bombay High Court, the PAN of the petitioner Company was in existence and therefore, after issuance of show cause notices as mandated under the provisions of the Income Tax Act, 1961 the impugned Assessment Order came to be passed by best judgement assessment. Had the department been duly informed about the merger of the petitioner Company/Transferor Company with the Transferee Company, certainly the department would not have proceeded with the reassessment. The learned standing counsel would further contend that there is an appeal provision available to the petitioner to challenge the impugned Assessment Order and the petitioner may be directed to exhau ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order dated 14.10.2011 passed by Hon'ble Bombay High Court was communicated to the Deputy Commissioner of Income Tax - Headquarters, Chennai vide letter dated 29.03.2012 and the same was also acknowledged by the respondent. After making such acknowledgement, without verifying the Book of Accounts of the Transferee Company, due to non-application of mind, the notice under Section 148 of the Income Tax Act, 1961 was issued to the petitioner Company alleging that a sum of Rs. 3.10 Crores invested in the Mutual Fund had not been disclosed and therefore, reassessment was made and impugned Assessment Order came to be passed. 7. On a careful consideration of the case on hand, this Court does not find any material to show that the petitioner C ..... X X X X Extracts X X X X X X X X Extracts X X X X
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