2016 (10) TMI 1134

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....Advocate with Mr.Abhimanyu Jhamb, Mr. Mohit Jhamb, Advocates. For the Respondent : Mr. P. Roy Chaudhari, Senior Standing Counsel with Mr. Ruchir Batra, Advocate. O R D E R The assessee/writ petitioner is aggrieved by the re-assessment notice issued by the respondents i.e. the Income Tax Authorities under Sections 147/148 of the Income Tax Act on 09.06.2014. The re-assessment notice impugn....

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....Lok, PH- 1, M G Road, Gurgaon 122002 during the FY 2007-08. Amount of Rs. 5,47,89,347 has also been deposited in Current a/c No 1103472, RBS/ABN AMRO Bank v. Vatika, First India Place, Tower-B, Block A, Sushant Lok, PH-1, M G Road, Gurgaon 122002 (in the name of M/s Nirvan Services, an entity owned by Sh. Dharam Vir Singh Rao) during the FY 2007-08. The above cash deposites were withdrawn through ....

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..../s234B as pointed out in audit para raised . An information in respect of a Suspicious Transaction has been received from Office of the DDIT(lnv.) , Unit- IV(3), New Delhi that huge unexplained cash deposits/other deposits amounting to Rs. 7,47,979/- have been made by the assesse in his Bank Current A/c No.1135914, in the RBS/ABN AMRO Bank, NV Vatika, First India Place, Tower-B Block-A Sushant Lok....

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....an Services, an entity owned by Sh. Dharamvir Singh Rao) during the F.Y. 2009-10." Learned senior counsel for petitioner argues that the reasons recorded for issuing reassessment notice cannot stand up to the scrutiny of a valid "opinion" based upon tangible material, an essential requirement spelt out by the Supreme Court in Commissioner of Income Tax v. Kelvinator Ltd. 320 ITR 561. Learned....