Saurashtra Finstock Private Limited Vs ACIT (Bombay High Court)
The Bombay High Court disposed of the petitions after both sides agreed that the issues were covered by an earlier judgment. Consequently, the Court quashed and set aside the impugned orders passed under Section 148A(d) of the Income Tax Act, 1961, along with the notices issued under Section 148. All consequential notices or orders were also quashed. The petitions were disposed of, while all other rights and contentions raised by the petitioners were expressly kept open. The decision is reported as 2024 SCC OnLine Bom 146.
Read SC Judgment in the case: Rajeev Bansal Rulling Applies: SC Dismisses Revenue Appeal on Income Tax Reassessment Notices
FULL TEXT OF THE JUDGMENT/ORDER OF BOMBAY HIGH COURT
1. Counsel for petitioners state that all these petitions will be covered by the judgment of New India Assurance Co. Ltd. V/s Assistant Commissioner of Income Tax, Circle 3(2)(1), Mumbai & Ors.1. Counsel for respondents agree.
2. Therefore, impugned orders passed under Section 148 (A)d of the Income Tax Act, 1961 (the Act) and the notices issued under Section 148 of the Act in the respective petitions are hereby quashed and set aside.
3. Petitions disposed.
4. Consequential notices or orders, if any, also stand quashed and set aside.
