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The High Court held that the Assessing Officer had credible reasons to reopen the assessment u/s 147 for the Assessment Year 2011-12. During the search and seizure proceedings, statements of certain individuals connected with M/s Spaze Group were recorded u/s 131(1A), including Mr. Anand Singh, the proprietor of M/s JMD International. His statements revealed that he was not in control of the concern, and it was controlled by Sh. Kishori Sharan Goyal for providing "Bogus Billing to various entities." The record showed that M/s JMD International made payments to the petitioner, giving the Assessing Officer reason to believe that the petitioner's income had escaped assessment. The contention that all receipts were taxed in the previous Assessment Year 2010-11 was erroneous, as the petitioner's ledger account indicated receipt of certain amounts from M/s JMD International in the financial year 2010-11 (relevant to Assessment Year 2011-12). The court stated that it was unnecessary to examine the quantum of receipts, as prima facie, all receipts from M/s JMD International were not taxed in Assessment Year 2011-12. The petitioner's argument that the books of accounts were available with the Assessing Officer was unmerited, as.
The High Court held that the Assessing Officer had credible reasons to reopen the assessment u/s 147 for the Assessment Year 2011-12. During the search and seizure proceedings, statements of certain individuals connected with M/s Spaze Group were recorded u/s 131(1A), including Mr. Anand Singh, the proprietor of M/s JMD International. His statements revealed that he was not in control of the concern, and it was controlled by Sh. Kishori Sharan Goyal for providing "Bogus Billing to various entities." The record showed that M/s JMD International made payments to the petitioner, giving the Assessing Officer reason to believe that the petitioner's income had escaped assessment. The contention that all receipts were taxed in the previous Assessment Year 2010-11 was erroneous, as the petitioner's ledger account indicated receipt of certain amounts from M/s JMD International in the financial year 2010-11 (relevant to Assessment Year 2011-12). The court stated that it was unnecessary to examine the quantum of receipts, as prima facie, all receipts from M/s JMD International were not taxed in Assessment Year 2011-12. The petitioner's argument that the books of accounts were available with the Assessing Officer was unmerited, as.
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