2016 (10) TMI 1134

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....r. 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 impugned inter alia for two years i.e. 2008-....

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.... 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 The above cash deposites were withdrawn through cash by Sh. Dharamvir Singh Rao". For the asse....

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....ion 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, PH-1, M.G Road, Gurgaon-122 022 during the F.Y. 2009**....

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.... 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 counsel for the respondent submits that reference to information a....