SONANSH CREATIONS PVT. LTD vs ASSISTANT COMMISSIONER OF INCOME TAX AND ANR.

Judgment text excerpt

IN THE HIGH COURT OF DELHI AT NEW DELHI % Judgment delivered on:10.01.2025 + W.P.(C) 17570/2022 SONANSH CREATIONS PVT. LTD. .....Petitioner Versus ASSISTANT COMMISSIONER OF INCOME TAX AND ANR. ....Respondents Advocates who appeared in this case: For the Petitioner: Mr C.S. Aggarwal, Senior Advocate with Mr Ravi Pratap Mall and Mr Uma Shankar, Advocates. For the Respondents: Mr Aseem Chawla, Senior Standing Counsel with Ms Monica Benjamin, Ms Priya Sarkar and Ms Pratishtha Chaudhary, Advocates. CORAM HON’BLE THE ACTING CHIEF JUSTICE HON’BLE MSJUSTICE SWARANA KANTA SHARMA JUDGMENT VIBHU BAKHRU, ACJ 1. The petitioner has filed the present petition impugning an order dated 30.07.2022 (hereafter the impugned order) passed under Section 148A(d) of the Income Tax Act, 1961 (hereafter the Act) in respect of assessment year (AY) 2015-16. The petitioner also impugns a notice dated 30.07.2022 (hereafter the impugned notice) issued under Section 148 of the Act for the AY 2015-16. Signature Not Verified Digitally Signed By:RAM KUMAR W.P.(C) No.17570/2022 Page 1 of 16 Signing Date:13.01.2025 17:04:42 2. The petitioner contests the assumption that there is any information, which could lead to the conclusion that the petitioner’s income has escaped assessment. Additionally, the petitioner contends that the value of the transactions identified by the Assessing Officer (AO) as suggestive of the petitioner’s income escaping assessment is less than ₹50,00,000/-. Thus, the impugned notice is beyond the period of limitation as specified under Section 149(1)(a) of the Act. FACTUAL CONTEXT 3. The petitioner is a company incorporated under the Companies Act, 1956. The petitioner’s former name was M/s Sonali Realtech Pvt. Ltd. However, the petitioner changed its name with effect from 30.09.2019