TaxTMI 
TaxTMI 
2018 (3) TMI 674
X X X X Extracts X X X X
X X X X Extracts X X X X
.... for the Respondents. P.C: Heard. 2. RULE. 3. This Petition under Article 226 of the Constitution of India, challenges a notice dated 29th March, 2017 issued by the Principal Commissioner of Income Tax under Section 148 of the Income Tax Act, 1961 (the Act). The impugned notice has been issued by the Assessing Officer, seeking to reopen the Assessment for Assessment Year 2010-11. 4. The regul....
X X X X Extracts X X X X
X X X X Extracts X X X X
....y for Assessment. 5. It is also contended by the Petitioner that the reasons recorded in support of the impugned notice, do not indicate any independent application of mind by the Assessing Officer to come to a reasonable belief that income chargeable to tax has escaped assessment for the purpose of assuming jurisdiction to issue the impugned notice. The reasons in support rely upon material/ inf....
X X X X Extracts X X X X
X X X X Extracts X X X X
....31.03.2010 of Supreme Energy Pvt. Ltd., it is shown as unsecured loan of Rs. 64,05,03,000/. However, as per balance sheet as on 31.03.2011 and thereafter, it is shown as Optionally Convertible Debentures (Zeor Coupon) of Rs. 64,00,00,000/. The balance sheet of Supreme Energy Pvt. Ltd., obtained from the website of Ministry of Corporate Affairs (MCA) are enclosed. From the financials, Supreme Ener....
X X X X Extracts X X X X
X X X X Extracts X X X X
....estigation) Unit4, Mumbai on 23rd March, 2017 vide letter dated 22nd March, 2017". This, of course, besides the introductory para and the concluding para where he records that he has reasons to believe that income chargeable to tax has escaped assessment. Thus, prima facie, there has been no independent application of mind on the part of the Assessing Officer to the tangible material received from....