Pegasus Assets Reconstruction Private Limited Vs PCIT (Bombay High Court)
The Bombay High Court took up the matter finally with the consent of the counsels. The court was informed that the assessment for the relevant assessment year of the searched person, C & M Farming Group, Nashik, was completed on September 29, 2021.
The petitioner’s counsel, Mr. Pardiwalla, argued that if the assessment was completed, there was no requirement to transfer the petitioner’s case to Nashik Commissionerate. Mr. Pardiwalla also stated that after the impugned transfer order was passed, the petitioner did not receive any communication from the Assessing Officer of C & M Farming Group for any documents related to the search.
The impugned transfer order, dated September 1, 2021, was based on the need for administrative convenience and co-ordinated investigation regarding C & M Farming Group.
Given that the assessment order for the relevant year for C & M Farming Group was already passed on September 29, 2021, the Court saw no reason to transfer the petitioner’s case.
Consequently, the Court quashed the impugned order dated September 1, 2021. However, the Court kept open all rights and contentions of the Revenue, including the liberty to take steps under Section 153C of the Income Tax Act, 1961, or any other applicable provisions. The Court clarified that this liberty should not be construed as approval for such action, which the petitioner may defend in accordance with law. The petition was disposed of.
