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Application Filed On Behalf of The Petitioner Seeking Interim Relief

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Application Filed On Behalf of The Petitioner Seeking Interim Relief

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Prashant Munot
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1677563218487_46335_2023 (1)

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Application Filed On Behalf of The Petitioner Seeking Interim Relief

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$~41

* IN THE HIGH COURT OF DELHI AT NEW DELHI

+ W.P.(C) 2214/2023 & CM Nos.8421-22/2023

SWADESHI TUBES LTD. ..... Petitioner


Through: Mr Kapil Goel, Adv.

versus

ASSISTANT COMMISSIONER OF INCOME


TAX, CIRCLE 22(2), NEW DELHI ..... Respondent
Through: Mr Sunil Agarwal, Sr. Standing
Counsel with Mr Shivansh B. Pandia
and Mr Utkarsh Tiwari, Advs.

CORAM:
HON'BLE MR. JUSTICE RAJIV SHAKDHER
HON'BLE MS. JUSTICE TARA VITASTA GANJU
ORDER
% 21.02.2023
[Physical Hearing/Hybrid Hearing (as per request)]
CM APPL. No. 8422/2023
1. Allowed, subject to the petitioner filing legible copies of the
annexures, at least three days before the next date of hearing.
W.P.(C) 2214/2023 & CM APPL. No.8421/2023[Application filed on
behalf of the petitioner seeking interim relief]
2. This writ petition concerns Assessment Year (AY) 2014-15.
3. The allegation against the petitioner is that it has benefitted by trading
in shares of penny stock companies. In this regard, a reference has been
made to two companies i.e., Jolly Plastic Industries Ltd. (JPIL) and Mudit
Finlease Ltd. (MFL).
W.P.(C) 2214/2023 Page 1 of 3

Signature Not Verified


Digitally Signed
By:SHEHROZ ALAM
Signing Date:27.02.2023
20:19:22
3.1 According to the respondent/revenue, fictitious profits amounting to
Rs. 35,37,040/- have been derived from trading in shares of JPIL. Likewise,
it is alleged that fictitious profits amounting to Rs. 1,40,70,919/- have been
registered by the petitioner by trading in shares of MFL. Thus, it is alleged
that the petitioner has registered bogus long term capital gains
[cumulatively] amounting to Rs. 1,76,07,959/-.
4. Mr Kapil Goel, who appears on behalf of the petitioner, on the other
hand, says that the reassessment proceedings have jurisdictional flaws.
4.1 Inter alia, it is submitted that the first proviso of Section 147 of the
Income Tax Act, 1961 [in short, “Act”] gets attracted. In support of this plea
that the petitioner has truly and fully disclosed all material facts, our
attention has been drawn to the scrutiny assessment order dated 05.12.2016
passed under Section 143(3) of the Act.
4.2 Mr Goel has also drawn our attention to the queries raised and
answered while scrutiny assessment was being conducted, to demonstrate
that explanations were sought with regard to the petitioner’s trade in shares.
4.3 Mr Goel also contends that the aforementioned companies are not
penny stock companies, as alleged or at all.
5. In our view, the matter requires examination.
6. Issue notice.
6.1 Mr Sunil Agarwal, senior standing counsel, accepts notice on behalf
of the respondent/revenue.
7. Counter-affidavit will be filed within the next four weeks.
7.1 Rejoinder thereto, if any, will be filed before the next date of hearing.
8. List the matter on 26.09.2023.
W.P.(C) 2214/2023 Page 2 of 3

Signature Not Verified


Digitally Signed
By:SHEHROZ ALAM
Signing Date:27.02.2023
20:19:22
9. Although, we have issued notice in the matter, the Assessing Officer
(AO) is given liberty to continue with the assessment/reassessment
proceedings. However, in case the order passed is adverse to the interest of
the petitioner, the same shall not be given effect to till further directions of
the court.
10. Parties will act based on the digitally signed copy of the order.

RAJIV SHAKDHER, J

TARA VITASTA GANJU, J


FEBRUARY 21, 2023/SA
Click here to check corrigendum, if any

W.P.(C) 2214/2023 Page 3 of 3

Signature Not Verified


Digitally Signed
By:SHEHROZ ALAM
Signing Date:27.02.2023
20:19:22

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