JUDGMENT :

[Bhargav D. Karia, J.]

1. Heard learned Senior Advocate Mr. Tushar Hemani with Ms. Vaibhavi K. Parikh for the petitioner and learned advocate Mr. Varun K. Patel for the respondent.

2. By this petition under Article 226 of the Constitution of India, the petitioner has challenged the notice dated 27.03.2018 issued under section 148 of the Income Tax Act, 1961 (For short “the Act”) for reopening of the assessment proceedings for the Assessment Year 2011-2012 and also prayed to stay the further proceedings for the Assessment Year 2011-2012.

3. Brief facts of the case are as under :

3.1) The petitioner-assessee is a Director in Ratnaveer Stainless Products Pvt. Ltd., situated at GIDC Savli, Manjusar, Vadodara.

3.2) It is the case of the petitioner that during the Assessment Year 2011-2012, the petitioner received certain funds from Prraneta Industries Ltd. (Now known as Aadhar Venture India Ltd) and the same were repaid during before the end of the year under consideration which included a sum aggregating to Rs. 2,10,00,000/- received through Real Time Gross Settlement (RTGS) on 02.02.2011.

3.3) The petitioner filed original return of income for the year under consideration on