TaxTMI 
TaxTMI 
2018 (8) TMI 989
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.... dated 19.06.2018 passed by the respondent no.4 under Section 133A(3)(ia) of the Income Tax Act. 2.0. It is the case on behalf of the petitioner Adarsh Credit Cooperative Society Limited is a MultiState Cooperative Society registered under the Multi State Cooperative Societies Act, 2002 and is having its corporate office at Ahmedabad. That according to the petitioner, the petitioner society is one of the largest Multi State Cooperative Societies in the field of the Credit. That earlier registered office of the petitioner society was at Palace Road, Sirohi at Rajasthan and thereafter it came to be changed to Ahmedabad. According to the petitioner, as per the last audit balance sheet profit of the petitioner society was Rs. 481.28 crores. That the respondent no.1 issued warrant of authorization under Section 132 of the Income Tax Act. That the respondent no.4 passed an order under Section 133A(3)(ia) of the Act, by which, the documents as well as electronic media in the form of hard disk/CD/ Pen Drive etc. seized during the course of survey proceedings have been ordered to be impounded. Hence, the petitioner has preferred the present Special Civil Application under Article 226 of ....
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....o get xerox copies of the document seized / impounded, however the same is with such slow speed, it will take number of months. Making above submissions and relying upon the following decisions of the Hon'ble Supreme Court as well as Allahabad High Court, it is requested to allow the present petition. (1) Director General of Income Tax (Investigation) Pune and Ors vs. Spacewood Furnishers Private Limited and Ors reported in (2015) 12 SCC 179 (para 8.1, 10 and 12). (2) M.D. Overseas Limited vs, Director General of Income Tax and Ors reported in (2011) 333 ITR 407 (Allahabad). (para 1, 13) (3). Ravi Iron Industries vs. Director of Investigation and Ors reported in (2003) 264 ITR 28 (Allahabad) (para 9 to 14 and 21 to 23). 4.0. Present petition is vehemently opposed by Ms. Mauna Bhatt, learned counsel for the revenue. She has placed before the Court the satisfaction note prepared by the appropriate authority, for the perusal of the Court. 4.1. It is vehemently submitted by Ms. Bhatt, learned counsel for the revenue that impugned action of the search and seizer and the authorization is absolutely in consonance with the provisions of the Act and a....
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....rincipal DIT (Investigation), Rajasthan and the said respondent in consequence of such information, has arrived at a reason to believe that ingredients under Section 132 are fulfilled. 5.2. It is further submitted by Ms. Bhatt, learned counsel for the revenue that pursuant to the satisfaction arrived at by the Principal Director of Income Tax (Investigation), Jaipur authorizations were issued under Section 132 to search the the registered office as well as the corporate office of the petitioner. It is submitted that search team visited corporate office with the warrant at the given address which was informed that the petitioner has shifted its corporate office to some other place therefore, in continuation of the earlier satisfaction recorded and authorization issued, consequential authorization was issued by the respondent no.1Joint Director of Income Tax (Investigation), Udaipur. It is submitted by Ms. Bhatt, learned counsel for the revenue that a specific information has been received as to how the petitioner has been indulging in rotating money in a very unspecified manner to various unorganized business groups. It is submitted that information was received that promoters of....
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....t which continue to hold the field without any departure may be summarized as follows : 8.1.The authority must have information in its possession on the basis of which a reasonable belief can be founded that (a)the concerned person has omitted or failed to produce books of account or other documents for production of which summons or notice had been issued OR such person will not produce such books of account or other documents even if summons or notice is issued to him. OR such person is in possession of any money, bullion, jewellery or other valuable article which represents either wholly or partly income or property which has not been or would not be disclosed. 8.2. Such information must be in possession of the authorized official before the opinion is formed. 8.3. There must be application of mind to the material and the formation of opinion must be honest and bonafide. Consideration of any extraneous or irrelevant material will vitiate the belief/satisfaction. 8.4. Though Rule 112(2) of the Income Tax Rules which specifically prescribed the necessity of recording of reasons before issuing a warrant of authorization....
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....before Deputy Director of Income Tax (Investigation) I, Udaipur. A detailed satisfaction note has been prepared on the basis of having information received. A detailed notes was made and recorded his satisfaction that he had reason to believe that the requirements of Section 132(1)(c) are satisfied. The appropriate authority, therefore, proposed to issue warrant of authorization under subsection (1) of Section 132. 7.1. We have perused the satisfaction note. We have also perused further note recorded by the Higher Income Tax Authority, more particularly, conclusion in para 6. It is recorded that in view of the above outcomes of discreet verifications and modus operandi of the group involves in siphoning of funds from society to the shell companies by way of advancing loans without any equivalent collateral securities, the allegation of huge tax evasion by the group has been substantiated. It is recorded that incriminating documents / books of accounts evidencing such huge tax evasion are likely to be found in possession of various entities of the group of companies. The authorization is based on the definite information and after discreet verifications, it can be termed adequate....