Delhi High Court also admitted petition against reopening U/s 148A(d) -Granted Interim Relief

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Delhi High Court also admitted petition against reopening U/s 148A(d) -Granted Interim Relief 

In this case, the learned counsel for the Petitioner states that the Respondent initiated the proceedings under Section 148A of the Act on the basis of incorrect assumption of facts that the Petitioner has received Rs.2,35,88,43,420/- in the assessment year 2013-14.

He states that vide reply dated 06th June, 2022, the Petitioner informed the Respondent that there was no such receipt or payment of the aforesaid amount during the year under consideration.

 Learned counsel for the Petitioner states that the Respondent upon realizing that the information received was incorrect, changed the entire case and passed the order under Section 148A(d) of the Act on a completely new ground that the Petitioner has not proved the creditworthiness and genuineness of the parties from whom funds, which were utilized in making payments for the purchase of immovable property to the tune of Rs 235.88 crore, had been borrowed without realizing that neither any funds were borrowed nor any payments had been made to the tune of Rs.235.88 crore for purchase of property during the year under consideration.

Learned Counsel for the Petitioner states that the Petitioner had acquired the leasehold rights in a property at Noida at a premium of Rs.235,88,43,420/- in the assessment year 2011- 12, out of which payment of Rs. 23,58,84,342 (being 10% of premium) was made in the assessment year 2011-12 and the entire remaining amount of Rs.2,12,29,59,079/- (being 90% of premium) was outstanding for payment during the entire year under consideration and thus no funds were borrowed during the year under consideration.

The Delhi High court has ordered as under:

“Though the Assessing Officer is permitted to pass the assessment order, yet it is directed that the same shall not be given effect to and shall be subject to further orders to be passed by this Court.”

The copy of the order is as under:

 

Delhi High Court also admitted petition against reopening U/s 148A(d) -Granted Interim Relief

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