High Court dismissing the writ petitions 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 of the Income-tax Act, 1961 and on the fact that the transactions in issue having been admitted by the assessees the order under section 148A(d) and the notice under section 148 did not call for interference, on a petition for special leave to appeal to the Supreme Court, SLP of assessee is dismissed. (AY. 2016-17)
Ajay Gupta v. ITO (2023)454 ITR 794 / 294 Taxman 3 (SC) Editorial : Refer, Ajay Gupta (HUF) v. ITO (2023) 454 ITR 787 / 147 taxmann.com 277 (Delhi)(HC), Rajiv Gupta (HUF) v. ITO (2023)454 ITR 787 / 147 taxmann.com 277 (Delhi)(HC)
S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Accommodation entries-Accepted by assessee-Information from Investigation Wing-Alternative remedy-SLP against the dismissal of writ petition was dismissed [S. 147, 148, 148A(d), Art.136, 226]