Court held that there was nothing in this notice which could be termed illusory, hypothetical or a matter of conjecture , therefore, said notice could not have been set aside in exercise of jurisdiction under article 226 of Constitution . Court also held that the order passed by the Assessing Officer being in gross breach of order passed by High Court was to be quashed and set aside . Matter remanded. ( AY. 2012 -13 )
Uttam M Jain (HUF) v. ITO (2022) 285 Taxman 100 / 209 DTR 51/ 324 CTR 141 (Bom) (HC)
S. 144B : Faceless Assessment –Accommodation entries – Bogus sales -Penny stock companies -Order passed violation of principle of natural justice -Order was quashed – Notice of reassessment was held to be valid [ S. 69, 143(3),147, 148 Art, 226 ]