PUNJAB NATIONAL BANK INTERNATIONAL LIMITED vs. DEPUTY COMMISSIONER OF INCOME TAX & ANR.

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W.P.(C)/6670/2023HC DelhiDLHC01741186202313 November 2024Author: HON'BLE MR. JUSTICE VIBHU BAKHRU,HON'BLE DR. JUSTICE SWARANA KANTA SHARMA2 pages
AI SummaryWithdrawn

What did the High Court hold?

The Delhi High Court disposed of the writ petition on the basis of an order dated July 3, 2024, passed by the Assistant Commissioner of Income Tax. This subsequent order, passed under Section 154/147 read with Section 144 of the Income Tax Act, 1961, clarified that the income earned by the assessee was not taxable in India and that the assessee company was not liable to file a return of income for the assessment year in question. Consequently, the grievance of the petitioner was considered addressed, and the writ petition was disposed of without a decision on the merits of the original challenge to the reassessment proceedings. No specific reasoning was provided by the High Court itself, other than acknowledging the subsequent order.

What were the facts?

The petitioner, Punjab National Bank International Limited, filed a writ petition before the Delhi High Court challenging reassessment proceedings initiated under Sections 148 and 148A of the Income Tax Act, 1961, for Assessment Year 2019-20. The petitioner sought to quash the order dated March 30, 2023, passed under Section 148A(d) and the consequential notice dated March 30, 2023, issued under Section 148. The petitioner also sought a stay on further proceedings. The Revenue was represented by the Deputy Commissioner of Income Tax and another respondent.

What were the issues?

1. Whether the reassessment proceedings initiated under Section 148 and 148A for Assessment Year 2019-20 are liable to be quashed? (Question of law and fact, turning on Section 148A and Section 148 of the Income Tax Act, 1961). Assessee's contention: The petitioner sought to quash the reassessment proceedings and the impugned order and notice. The specific grounds for challenge were not detailed in the provided text, but the prayer indicates a challenge to the validity of the reassessment initiation. Revenue's contention: The Revenue, represented by the Deputy Commissioner of Income Tax, was a respondent to the writ petition. No specific arguments from the Revenue were recorded in the judgment text.

Which sections of the Income-tax Act were involved?

Section 148,Section 148A,Section 147,Section 144,Section 154

AI-generated summary — verify with the full judgment below

Cause title — parties, addresses and appearances
$~26 * IN THE HIGH COURT OF DELHI AT NEW DELHI + W.P.(C) 6670/2023 and CM APPL. 26122/2023 PUNJAB NATIONAL BANK INTERNATIONAL LIMITED .....Petitioner Through: Mr Rajat Navet, Advocate. versus DEPUTY COMMISSIONER OF INCOME TAX & ANR. .....Respondents Through: Mr Vipul Agarwal, SSC. CORAM: HON'BLE MR. JUSTICE VIBHU BAKHRU HON'BLE MS. JUSTICE SWARANA KANTA SHARMA

O R D E R % 13.11.2024

1.

The petitioner has filed the present petition, inter alia, praying as under: “a) Issue an appropriate writ in the nature of mandamus or in any other nature quashing the entire reassessment proceedings in the case of the Petitioner under Section 148 & 148A for the Assessment Year 2019-20; and/or b) Issue an appropriate writ in the nature of certiorari or any other appropriate writ, order and/or direction quashing the Order dated 30.03.2023 passed by the Respondent under Section 148A(d) of the Income Tax Act, 1961 (Annexure P·-6) as well as for quashing of the notice dated 30.03.2023 issued under Section 148 of the Act pursuant thereto for the Assessment Year 2019-20 (Annexure P-7); and/or c) Stay the effect and operation of the impugned Order & Notice, both dated 30.03.2023 and stay further proceedings under Section 147/148 of the Act for the A.Y. 2019-20.” This is a digitally signed order. The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 21/11/2024 at 12:29:43

2.

Learned counsel appearing for the petitioner submits that the petitioner’s grievance stands addressed in terms of an order dated 03.07.2024 passed by the Assistant Commissioner of Income Tax under Section 154/147 read with Section 144 of the Income Tax Act, 1961, whereby it is stated in unambiguous term that the income earned by the assessee is not taxable in India and the assessee company is not liable to file a return of income in India for the assessment year in question.

3.

Accordingly, the writ petition is disposed of. Pending application also stands closed. VIBHU BAKHRU, J SWARANA KANTA SHARMA, J NOVEMBER 13, 2024 /tr Click here to check corrigendum, if any This is a digitally signed order. The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 21/11/2024 at 12:29:43

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