Case Law Details
Omkam developers Ltd. Vs ITO (ITAT Delhi)
1. The reasons recorded are based on suspicion, which is evident from the words used in reasons recorded, i.e., “it appears that assessee M/s Omkam Developers Ltd. has received bogus share capital/share premium to the tune of ₹ 1.93 Crores.
2. The Assessing Officer has just accepted the information in a mechanical manner and failed to record an independent satisfaction
3. Recording of reasons after due application of mind is sine qua non for valid notice u/s 148 of the Act
4. In the relevant column No.13 in the form for recording reasons for satisfaction of the Pr.CIT, he has only mentioned “yes”. No other information is available on record or provided by the ld. DR, which could establish application of mind by the CIT, while granting sanction/approval for issue of notice u/s 148 of the Act.
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