2018 (9) TMI 1699

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.... Section 143 [3] of the Income-tax Act, 1961 ["the Act" for short] on 10th March 2014 assessing total income at Rs. 57.89 lakhs [rounded off]. To reopen such assessment, impugned notice has been issued, which as can be seen from the record, was done beyond the period of four years from the end of relevant assessment year. In order to issue such notice, he had recorded the following reasons : "Reasons for the belief that the income has escaped assessment for reopening the case u/s. 147 of the Income Tax Act, 1961. In this case, the assessee has filed return on 01.10.2011 declaring total income at Rs. 51,88,324/- for the A.Y. 2011-12. 2. Subsequently, on the basis of information received from the DDIT (Inv.), Unit-6....

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....PATEL ACTPP0 291P 531574 VAS INFRA 10/11/10 50 91.7 4585 - do - LALITBHAI BABUBHAI PATEL ACTPP0 291P 531574 VAS INFRA 10/11/10 100 91.65 9165 - do - LALITBHAI BABUBHAI PATEL ACTPP0 291P 531574 VAS INFRA 10/11/10 100 91.65 9165 - do - LALITBHAI BABUBHAI PATEL ACTPP0 291P 531574 VAS INFRA 10/11/10 40 91.65 3666 -do- LALITBHAI BABUBHAI PATEL ACTPP0 291P 531574 VAS INFRA 10/11/10 60 91.65 5499 - do - LALITBHAI BABUBHAI PATEL ACTPP0 291P 531574 VAS INFRA 10/11/10 100 91.6 9160 - do -....

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....RA 10/13/10 164 87.6 14366.4 - do - LALITBHAI BABUBHAI PATEL ACTPP0 291P 531574 VAS INFRA 10.28.10 684 89.1 60944.4 - do - LALITBHAI BABUBHAI PATEL ACTPP0 291P 531574 VAS INFRA 10.28.10 187 89 16643 - do - LALITBHAI BABUBHAI PATEL ACTPP0 291P 531574 VAS INFRA 10.28.10 247 89 21983 - do - LALITBHAI BABUBHAI PATEL ACTPP0 291P 531574 VAS INFRA 10.28.10 300 89 26700 - do - LALITBHAI BABUBHAI PATEL ACTPP0 291P 531574 VAS INFRA 10.28.10 100 88.5 8850 - do - LALITBHAI BABUBHAI PATEL ACTPP....

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.... of the trade data of M/s. VAS Infrastructure Limited, it is found that the assessee is one of the beneficiaries who have traded in this scrip for a total trade value of Rs. 24,60,983/= during FY 2010-11. The said scrip is listed as penny stock by the BSE. Therefore, it is clear that the assessee has taken accommodation entry just to evade the tax and also to avoid legitimate payment of tax. This leads to the belief that the income chargeable to tax has escaped assessment to the extent of Rs. 24,60,983/=. Therefore, there is under assessment of Rs. 24,60,983/= in the case of the assessee. 3. In view of the above facts, I have reasons to believe that in this case income of Rs. 24,60,983/- through accommodation entyr and traded in M/s. VAS....

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....ment of tax. He, therefore, tentatively computed such a sum to Rs. 24.60 lakhs [rounded off], as having escaped assessment in the hands of the assessee. Learned counsel for the petitioner submitted that the original assessment was framed after scrutiny. There was no failure on the part of the assessee to disclose truly and fully all material facts necessary for assessment. The notice for reopening of the assessment was therefore no justified. He further submitted that the total value of purchase and sale of shares by the assessee to arrive at a figure, which according to him had escaped assessment to tax, is wholly incorrect exercise. He lastly contended that the assessee had offered both purchase and sale of shares to tax. There is thus....