GYAN MARKETING ASSOCIATES PVT. LTD. vs INCOME TAX OFFICER, WARD - 10(3), NEW DELHI

Judgment text excerpt

$~99 * IN THE HIGH COURT OF DELHI AT NEW DELHI % Date of Decision: 18.03.2025 + W.P.(C) 8230/2023 CM APPL. 31581/2023(Stay) GYAN MARKETING ASSOCIATES PVT. LTD. .....Petitioner Through: Mr. Gaurav Jain, Mr.Shubham Gupta, Ms Shalini and Mr Rahul Prabharkar, Advocates versus INCOME TAX OFFICER, WARD - 10(3), NEW DELHI .....Respondent Through: Mr Siddhartha Sinha, SSC, Ms Dacchita Shahi, Ms Anuja Pethia, JSCs, Mr Srikant Singh and Ms Anu Priya Nisha Minz, Advocates. CORAM: HON'BLE MR. JUSTICE VIBHU BAKHRU HON'BLE MR. JUSTICE TEJAS KARIA VIBHU BAKHRU, J. (ORAL) 1. The petitioner has filed the present petition, inter alia, impugning a notice dated 10.04.2023 [the impugned notice] issued under Section 148 of the Income Tax Act, 1961 [the Act] in respect of the assessment year [AY] 2016-17. 2. The petitioner also impugns a notice dated 20.03.2023 issued under Section 148A(b) of the Act and the order dated 10.04.2023 [the impugned order] passed under Section 148A(d) of the Act, pursuant to the impugned Signature Not Verified Digitally Signed W.P. (C) 8230/2023 Page 1 of 10 By:TARUN RANA Signing Date:26.03.2025 17:43:52 notice. It is the petitioner’s case that notice issued under Section 148A(b) of the Act does not set out any information that is suggestive of petitioner’s income escaping assessment. Thus, the reassessment proceedings initiated are wholly without jurisdiction. 3. The Assessing Officer [AO] had issued the aforementioned notice under Section 148A(b) of the Act setting out certain information which, according to the AO was suggestive of the petitioner’s income escaping assessment. The plain reading of the said notice indicates that it is premised on the investigation carried out by the Securities and Exchange Board of India (SEBI). SEBI (CIEB) had sent a letter date