Dismissing the petitions the Court held that in view of the information which had formed the basis of the initiation of the inquiry in the reassessment proceedings under section 147 and the fact that the transactions in issue had been admitted by the assessees the order under section 148A(d) and the notice under section 148 need not be interfered with. The disputed questions of fact involved could not be adjudicated exercising jurisdiction under article 226 of the Constitution of India. (AY. 2016-17)
Ajay Gupta (HUF) v. ITO (2023)454 ITR 787 (Delhi)(HC) Rajiv Gupta (HUF) v. ITO (2023)454 ITR 787 (Delhi)(HC) Editorial : SLP of assessee dismissed, Ajay Gupta v. ITO (2023)454 ITR 794(SC)
S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Accommodation entries-Accepted by assessee-Information from Investigation Wing-Alternative remedy-Writ petition was dismissed. [S. 147, 148, 148A(d), Art. 226]