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of <h1>Court seeks clarification on undisclosed transactions with Social Co-operative Bank Ltd. for AY 2018-19.</h1> <h3>SHRENIK SUDHIR VIMAWALA Versus ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 3 (1) (1), AHMEDABAD</h3> The High Court heard arguments regarding undisclosed transactions with the Social Co-operative Bank Ltd. for the Assessment Year 2018-19. The court ... Non disclosure of transactions in return of income connected with the Social Co-operative Bank Ltd. - Out of the three bank accounts, according to the writ applicant, one of the bank accounts maintained with the Social Co-operative Bank Ltd. is that of the HUF and the HUF is being assessed independently - HELD THAT:- We would like to know from both, the assessee as well as the Revenue, whether all the transactions for the relevant Assessment Year 2018-19 were with respect to only this particular bank or there are any other accounts also of the writ applicant with other banks. We request Mr. Bhatt, the learned Senior Counsel, to seek appropriate instructions in this matter and revert to us on 02.05.2022. Post this matter on 02.05.2022 - One set of the entire paper book shall be furnished to Mr. Bhatt at the earliest. Issues Involved:Assessment of undisclosed transactions in the return of income for Assessment Year 2018-19.Analysis:The High Court, comprising Honourable Mr. Justice J.B. Pardiwala and Honourable Ms. Justice Nisha M. Thakore, heard arguments from Mr. Bandish Soparkar, representing the writ applicant, and sought assistance from Mr. M.R. Bhatt, the learned Senior Counsel for the Revenue. The case pertained to undisclosed transactions connected with the Social Co-operative Bank Ltd. for the Assessment Year 2018-19. The department contended that the writ applicant failed to disclose these transactions in the return of income. Specifically, there were references to three bank accounts with the Social Co-operative Bank Ltd. and three accounts with the Union Bank of India. While transactions with the Union Bank of India were minimal, significant transactions were noted with the Social Co-operative Bank Ltd. The writ applicant argued that one of the bank accounts with the Social Co-operative Bank Ltd. belonged to the HUF and was assessed separately. The court deliberated on whether all transactions related to the Social Co-operative Bank Ltd. were disclosed in the original return, emphasizing that the return should focus on transactions, profit and loss accounts, rather than bank details.The court requested both the assessee and the Revenue to clarify if all transactions for the relevant Assessment Year 2018-19 were solely with the Social Co-operative Bank Ltd. or if there were additional accounts with other banks. Mr. Bhatt, the learned Senior Counsel, was directed to obtain instructions on this matter and report back to the court on 02.05.2022. The case was scheduled for the said date, and the paper book was to be provided to Mr. Bhatt promptly. Additionally, the court ordered the matter to be prominently displayed on the Board on the returnable date for notification.
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