TaxTMI 
TaxTMI 
2015 (10) TMI 2481
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.... This appeal by the assessee is directed against the order of the Learned Commissioner of Income-Tax (Appeals), Ahmedabad-5 dated 12.01.2015 for Assessment Year 2006-07. 2. The first ground of the assessee's appeal reads as under: "The Ld. CIT(A) erred on facts and in law in confirming action of Assessing Officer in issuing notice u/s 148 and in making assessment u/s 147 of the Act." 3. We hav....
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....ur request, the gist of; the reasons as recorded by the Assessing Officer regarding reopening the case u/s. 148 of the IT. Act is mentioned here under:- "The Search & Seizure action, carried out by the Department on 25.11.2009 in the group case of M/s. Mahasagar Securities Ltd., and also covered its all group companies which were controlled by Shri Mukesh M. Choksi, at Mumbai. Shri Mukesh M. Cho....
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....Chokshi himself admitted in his statement recorded on oath u/s. 131 on 16.01.2013 by Shri P. S. Naik, CIT, Central- 46, Mumbai recorded. On deep scrutinized of the data/details received in this office it is ascertain that you have also involved for taking unverifiable/bogus beneficial entries from the group companies belongs to Shri Mukesn Choksi during the F.Y. 2005- 06. Accordingly, all the tran....
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....proper course is to issue the notice u/s 143(2) within time. If the Revenue failed to issue notice u/s 143(2), it cannot resort to section 148 for the purpose of verification of certain transactions. Notice u/s 148 can be issued only when the Assessing officer records his satisfaction with regard to escapement of income. In the reasons recorded, there is no mention of the escapement of income; the....