{"id":58529,"date":"2026-02-16T12:31:53","date_gmt":"2026-02-16T07:01:53","guid":{"rendered":"https:\/\/itatonline.org\/digest\/punjab-national-bank-v-ito-2025-344-ctr-35-248-dtr-185-9-gujhc\/"},"modified":"2026-02-16T12:31:53","modified_gmt":"2026-02-16T07:01:53","slug":"punjab-national-bank-v-ito-2025-344-ctr-35-248-dtr-185-9-gujhc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/punjab-national-bank-v-ito-2025-344-ctr-35-248-dtr-185-9-gujhc\/","title":{"rendered":"Punjab National Bank v. ITO (2025) 344 CTR 35 \/ 248 DTR 185 \/ 9 (Guj)(HC)"},"content":{"rendered":"<p>On writ, the High Court held that the impugned reassessment order for AY 2017-18 passed in the name of Oriental Bank of Commerce, Bharuch Branch, under PAN \u201cAAAC07436M\u201d, was a nullity, as OBC had merged with Punjab National Bank w.e.f. 1-4-2020 and the surrendered PAN stood requested to be cancelled; despite this being specifically brought on record, the AO and NFAC proceeded without application of mind to frame a high-pitched reassessment under ss. 147 r\/w 144, making an addition of \u20b9393.97 crore and raising a demand of \u20b9648.26 crore solely on the basis of undisclosed \u201cMulti Year MNS Data\u201d, without inquiry and without considering the return and explanations; the approval under s. 151 was also accorded mechanically. The Court quashed the reassessment and, noting the egregious non-application of mind and the severe prejudice caused by the high-pitched demand against a non-existent entity, directed issuance of show-cause to the respondents on imposition of exemplary costs of \u20b91 crore. Kept for further hearing on 4<sup>th<\/sup> \u00a0April, 2025. (AY. 2017-18)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 147: Reassessment-Validity-High-pitched assessment on non-existing entity-Addition made on basis of Multi Year MNS Data without application of mind-Merger of assessee-bank and surrender of PAN ignored-Sanction under S.  151 mechanical-Reassessment was quashed-Exemplary costs of Rs 1 crore was proposed for passing high pitched assessment order contrary to the facts available on record.  [S. 144, 148, 151, Art. 226]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-58529","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-fe1","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/58529","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=58529"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/58529\/revisions"}],"predecessor-version":[{"id":58530,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/58529\/revisions\/58530"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=58529"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=58529"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=58529"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}