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TMI Blog2025 (2) TMI 308X X X X Extracts X X X X X X X X Extracts X X X X ..... Pahwa for Thakkar and Pahwa Advocates for the petitioner and learned Senior Standing Counsel Mr. Varun K. Patel for the respondent Nos. 1 and 2. 2. Though served, no-one appears for the respondent No.3. 3. Rule returnable forthwith. Learned Senior Standing Counsel Mr. Varun Patel waives service of notice of Rule on behalf of respondent Nos.1 and 2. 4. By this petition under Article 226 of the Constitution of India, the petitioner has prayed for quashing and setting aside the impugned notice dated 11.03.2022 issued under Section 148A (b) of the Income Tax Act, 1961 (for short 'the Act') and impugned order dated 31.03.2022 passed under Section 148A (d) of the Act and notice dated 31.03.2022 issued under Section 148 of the Act for re-openin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rder dated 31.03.2022 under Section 148A (d) of the Act and issue notice for reopening on the same date. 7. Learned advocate Mrs. Pragati Pahwa for the petitioner submitted that in the case of the petitioner for the Assessment Year 2017-18, the similar notice was issued and the petitioner has preferred Special Civil Application No. 19898 of 2021 which was allowed by this Court vide judgement and order dated 15.07.2024. 7.1 It was therefore, submitted that this petition for the Assessment Year 2018-19 may also be allowed. 8. Learned Senior Standing Counsel Mr. Varun Patel could not controvert the fact that in case of the petitioner for the Assessment Year 2017-18, the similar notice for reopening was quashed and set aside. 9. In view of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecided by the bank from time to time and finally at the time of realization of the bill, it is calculated on actual settlement rate/ exchange rate on that day. By giving an example of some other party, it was stated by the bank that the difference in the amount of the particular entry captured in the statement of account and remittance sheet is on account of the actual statement rate and the notional rate respectively applied on the same transaction. This has led to the respondent Assessing Officer to form a reason to believe that the transaction undertaken by the petitioner with the respondent bank has resulted into escapement of income to the tune of Rs. 62,77,93,196/- in form of inward and outward remittances. In view of such facts, when ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Act, which was conducted on Jammu & Kashmir Bank coupled with the explanation tendered by the Jammu & Kashmir Bank reflected in the reasons recorded. 13. The contention of Mr. Varun K. Patel, learned Senior Standing Counsel for the respondent cannot be accepted as in the facts of the case, the case would be squarely covered by the decision of Hon'ble Apex Court in case of Commissioner of Income tax v. Kelvinator of India Ltd., reported in (2010) 320 ITR 561 (SC), which in turn affirm the decision of the Delhi High Court which was also reopening within four years, wherein the Hon'ble Apex Court held as under:- para-6 thereof reads thus "2. A short question which arises for determination in this batch of civil appeals is, whether the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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