CAPITAL IMPEX PVT LTD vs ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE 4(2), DELHI

Judgment text excerpt

$~50 * IN THE HIGH COURT OF DELHI AT NEW DELHI % Date of Decision : 02.05.2025 + W.P.(C) 5808/2025, CM APPL. 26442/2025 & CM APPL. 26443/2025 CAPITAL IMPEX PVT LTD .....Petitioner Through: Dr. Kapil Goel & Mr. Sandeep Goel, Advocates. versus ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE 4(2), DELHI .....Respondent Through: Mr. Debesh Panda, Senior Standing Counsel with Ms. Zehra Khan, Jr. SC, Mr. Vikramaditya Singh, Jr.SC & Mr. Kanishk Aggrawal, Advocate. 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 the notice dated 30.03.2024 [the impugned notice] issued under Section 148 of the Income Tax Act, 1961 [the Act] seeking to reopen the assessment in respect of the Assessment Year [AY] 2014-15. 2. The petitioner’s case is that the impugned notice has been issued beyond the period of the limitation. 3. In the present case, the petitioner had filed its return of income for the Signature Not Verified Signed By:AWANISH W.P.(C) 5808/2025 Page 1 of 6 CHANDRA MISHRA Signing Date:09.05.2025 17:48:25 AY 2014-15 on 21.09.2014 declaring the income of ₹9,34,030/-. On 09.06.2022, a search was conducted under Section 132(1) of the Act at the premises of an individual namely, Sh. Naresh Kumar Kejriwal. During the said search, certain documents were found and it was alleged that the same contained details of foreign transactions from a company in Nigeria named Everest Metal Nigeria Limited. It was found that the company maintained a list of around 40 clients whose cash were deposited in the account of Everest Metal Nigeria Limited. One such beneficiary being M/s Captial Impex Pvt. Ltd. received the amount from Everest Nigeria Ltd. during the AY 2014-15. Based on the said