2017 (11) TMI 1221

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....Mr. Ruchir Bhatia, Sr. Standing Counsel ORDER The petitioner is aggrieved by the reassessment notice issued to it for the assessment year 2007-08 on 29.03.2014. The "reasons to believe" recorded by the Assessing Officer reads as follows: - "REASONS FOR THE BELIEF THAT THE INCOME HAS ESCAPED ASSESSMENT IN THE CASE OF SH. DHARAMVIR SINGH RAO, H-4/9, MODEL TOWN-II, DELHI-110009, PAN: A....

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....Lok, PH-1, M.G. Road, Gurgaon-122 0 22 (In the name of M/s Nirvan Services, an entity owned by Sh. Dharamvir Singh Rao) during the F.Y.2006-07. During the course of enquiries conducted by the office of the DDIT (Inv.), Unit-IV (3), New Delhi in respect of above mentioned cash deposits & withdrawals, the assessee had been confronted with financial year wise break up of unexplained deposits....

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....oval based upon proper application of mind by the concerned Commissioner; secondly, that it was not served in the proper manner and was rather served allegedly through affixation. Last and most importantly, it is urged that the "reasons to believe" furnished are not premised upon any tangible material, instead it vaguely refers to the report of the Investigation Wing. Counsel for the respondent....

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.... Tax v.Thayaballi Mulla Jeevaji Kapasi (1967) 66 ITR 147 (SC). At this stage, this Court notices that for the two assessment years 2008-09 and 2010-11, the judgment rendered on 18.10.2016 clearly found that identical notices under Section 147/148 of the Income Tax Act, 1961 did not measure up to the standards of a valid opinion based upon tangible material, as clarified by the Supreme Court rul....