Satish Chand Jain Vs ACIT (Delhi High Court)
Delhi High Court held that that there was no justification for the respondents to issue notices afresh seeking to reopen the proceedings which had been concluded prior to the judgment passed in Ashish Agarwal. The judgment passed in Ashish Agarwal does not mandate the completed assessment being reopened.
Facts- On the basis of an information received from the Investigation Wing, Mumbai that the assessee was the beneficiary of Rs. 3.07 crores through misusing the platform of NSEL Exchange by unscrupulous broker during the year under consideration, the case was reopened u/s. 147 after obtaining the necessary approval from the concerned authority. The reassessment proceedings were concluded by computing the total assessed income as Rs. 5,43,20,297/- by making addition of the taxable income of Rs. 3,13,39,557/-. Petitioner challenged the reassessment order dated 30.03.2022 before CIT (Appeals), which is pending adjudication.
On 02.06.2022, yet another notice came to be issued proposing additions of income, based upon the same reason that petitioner is the beneficiary of Rs. 3.07 crores through misusing the platform of NSEL by unscrupulous broker. While responding to the same, petitioner vide his reply dated 16.06.2022, raised various objections including that of limitation and asserting that the notice is void ab initio as the previous notice dated 31.03.2021 was served on 01.04.2021 which was not challenged before any Court. However, the objections came to be negated and final order u/s. 148A(d) of the Act came to be passed on 19.07.2022 and consequent thereto, a notice u/s. 148 of the Act was issued on 19.07.2022, which is the subject matter of challenge in the present writ petition.
