Case Law Details
Vikas Jain Vs ITO (Delhi High Court)
In view of the report of DDIT (Inv.) Unit-7(1) and 7(3) Mumbai, shared with the AO which suggests that the LTCG earned by the petitioner in AY 2014-15 was bogus and since, the said LTCG was claimed as exempt income, the AO at this stage, concluded that the said bogus LTCG is an income chargeable to tax which has escaped assessment. We therefore in the facts of this case do not find any ground to interfere with the impugned order dated 20th July, 2022, passed under Section 148A(d) of the Act and the re-assessment proceedings, at this initial stage.
The writ petition is dismissed reserving liberty to the petitioner to raise all its contentions before the AO. We however direct the AO to provide the petitioner with all the relevant information pertaining to petitioner’s transaction with Nyssa Corporation Limited available with the AO, after redacting third party information within four weeks from today.
FULL TEXT OF THE JUDGMENT/ORDER OF DELHI HIGH COURT
1. The present writ petition has been filed seeking a direction to quash the order passed under Section 148A(d) of the Income Tax Act, 1961 (‘the Act’) and notice issued under Section 148 of the Act, both dated 20th July, 2022, for the Assessment Year (‘AY’) 2014-15.
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