SHRENIK KUMAR BALDOTA vs DY COMMISSIONER OF INCOME TAX CIRCLE 1 (2) (1) MUMBAI AND 3 OTHERS

Judgment text excerpt

2025:BHC-OS:868-DB Sayyed 18-WP.1331.2022.docx IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION WRIT PETITION NO.1331 OF 2022 Shrenik Kumar N. Baldota ...Petitioner Versus Deputy Commissioner of Income Tax Circle – 1(2)(1), Mumbai & Ors. ...Respondents _____________________________________________________ Mr. Satish R. Mody a/w Ms. Aasifa Khan for Petitioner. Mr. Suresh Kumar for Respondents. _____________________________________________________ CORAM : M. S. Sonak & Jitendra Jain, JJ. DATED : 20 January 2025 ORAL JUDGMENT:- (Per Jitendra Jain, J.) 1. Heard learned counsel for the parties. 2. Rule. The Rule is made returnable immediately at the request and with the consent of the learned counsel for the parties. 3. This Petition is filed for the assessment year 2015-2016 challenging re-assessment notice dated 27 March 2021 under Section 148 of the Income Tax Act, 1961 (“the said Act”). The reasons recorded reads as under :- “The assesse company has filed return of income for A.Y. 2015-16 on 25.09.2015 declaring total Income of Rs. 107,15,89,910/- under normal provisions of the IT Act, 1961. The case was selected for Scrutiny assessment under CASS selection. Assessment u/s, 143(3) of the I.T. Act was completed on 09.11.2017 accepting the same as the assessed income. 1. During the year under consideration the assessee received Income from salary, house property, business, capital gains and other sources. 2. On perusal of the Profit & Loss account for the year ending 31.03.2015, it is noticed that the assesse had an interest income of Rs. 2,75,81,210/- the details are as below/- 1. 1. Interest from Venture funds : Rs. 12,29,978/- 2. Interest on Loan : Rs. 1,55,55,804/- Page 1 of 5 Sayyed 18-WP.1331.2022.docx 3. Interest from THE GREATER BOMBAY