Wtax/509/2022 Of Shipra Gupta v. Income Tax Officer And 4 Others

Case :- WRIT TAX No. - 509 of 2022Petitioner :- Shipra GuptaRespondent :- Income Tax Officer And 4 OthersCounsel for Petitioner :- Gaurav Tripathi,Syed Imran IbrahimCounsel for Respondent :- Gaurav Mahajan Hon'ble Surya Prakash Kesarwani,J.Hon'ble Jayant Banerji,J. Heard Sri Gaurav Tripathi, learned counsel for the petitioner and Sri PraveenKumar, learned standing counsel for the respondent - Income Tax Department. This writ petition has been filed praying for the following relief : "a. Issue a writ, order or direction in the nature of certiorari quashing the noticedated 31.03.2021 (Annexure No.1 to the writ petition) issued by the respondentno.3 under Section 148 of the Income Tax Act, 1961 for the Assessment Year2013-14. b. Issue a writ, order or direction in the nature of certiorari quashing the orderdated 16.03.2022 (Annexure No.2 to the writ petition) passed by respondent no.1rejecting the objections raised by the petitioner against the issuance of the noticedated 30.03.2021 under Section 148 of the Income Tax Act for the AssessmentYear 2013-14. c. Issue a writ, order or direction in the nature of mandamus restraining therespondents from proceeding with the consequential reassessment proceedingsinitiated vide notice dated 30.03.2021 issued under Section 148 of the Income TaxAct." The impugned notice under Section 148 of the Act, 1961 for the A.Y. 2013-14,dated 30.03.2021 was issued by the Assessing Authority after obtaining thenecessary satisfaction of the Principal Commissioner of Income Tax, Ghaziabad.The reasons to belief recorded by the Assessing Authority was that the petitionerhas claimed long term capital gain exemption under Section 10(38) of the Act,1961 amounting to Rs. 4,89,3723/- from penny stock. From information of the investigating wing it came to notice that the Turbo Techis one of the identified penny stock which has been used as a tool to takeaccommodation entry in the form of long term capital gain. In view of the facts noted above, we do not find any legal infirmity in theimpugned notice under Section 148 of the Act, 1961. The reasons to believerecorded by the Assessing Authority is not based on any irrelevant materialrather it prima facie indicates escapement of Income to Tax. Under the circumstances the impugned notice can not be interfered with. The writ petition is wholly devoid of substance and is, therefore, dismissed.