ITA No. 3722/Mum./2024 & CO No. 165/Mum./2024

Parties Involved

Facts Summary

The assessee, JMP Securities Pvt Ltd, filed its original return of income for the assessment year 2016-17 on 22/10/2017. The return was processed on 06/08/2021. Based on information received from DIT(Inv.), Kolkata, a notice under section 148 of the Income Tax Act, 1961 was issued on 28/06/2021. Subsequently, a show cause notice was issued on 30/05/2022, and an order under section 148A(d) of the Act was passed on 30/07/2022. On 31/07/2022, a notice under section 148 of the Act was issued by the Jurisdictional Assessing Officer. The assessment order was passed under section 147 r/w section 144B of the Act, assessing the total income of the assessee at Rs. 5,96,37,276 after making an addition of Rs. 4,44,11,556 under section 68 of the Act. The learned CIT(A) dismissed the grounds raised by the assessee challenging the initiation of reassessment proceedings under section 147 of the Act.…

Legal Issues

• 1. Whether the approval obtained for issuing the notice under section 148 of the Act was valid?
• 2. Whether the notice issued under section 148 of the Act is valid?

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

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