2019 (3) TMI 319

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....ssing Officer. He passed order under Section 143(3) of the Income Tax Act, 1961 ("the Act" for short) on 11th March, 2015. To reopen such assessment, he had recorded reasons which read as under: "1. The assessee company has filed the return of income for A.Y.2012-13 on 23.09.2012 declaring total income of Rs. 62,070/. The tax payable u/s 115JB of the Act on Book Profit of Rs. 5,81,809/was Rs. 1,07,635/which are more than the tax under normal provisions of the Act. The said return of income was processed u/s. 143(1) of the IT Act, 1961. Thereafter, the assessment was made u/s 143(3) of the Act vide order dated 11.03.2015 determining the total income at Rs. 14,46,150/, which has been revised to Rs. 9,01,682/vide order dated 26.04.2017 givi....

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....ered in to suspicious and príma facie bogus financial transactions, which has been done to suppress its profit. 4. Therefore, after taking approval, vide notice u/s 133(6) of the I.T. Act, the Assessee-Company was asked to file Computation of Income, computation u/s 115JB (if applicable), Form 3CEB (if any), full set of the IT return, Tax Audit Report, reconciliation of 26AS/CIB/AIR/OLTAS Service Tax/STT/Sales-tax Return with Audited books, Audited Profit and Loss account and Balance Sheet along with all its annexure for the financial year relevant to the assessment year, latest by 27.03.2018 at 11.00 a.m. 5. In response to notice u/s. 133(6), the assessee submitted its reply through e mail on 27.03.2018 at 1.36 p.m.. The same ....

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....the Assessing Officer believed were the entities controlled by one Mr. Vipul Vidhur Bhatt, who had during search and seizure operations given a statement that he was an entry operator and he operated through various bogus entities. 5. The case of the petitioner in brief in this petition is that such sums were not received by the petitioner from said entities during the current year. The petitioner would point out that the receipts of Rs. 40 lakhs and Rs. 15 lakhs from such entities were during the period relevant to the year 2010-11. On this short ground, counsel for the petitioner had attacked the impugned notice. 6. We had examined the documents on record with this limited question in mind. The reasons recorded by the Assessing Offi....

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....s already submitted that the above named parties had lent the amount as early as in FY 2009-10 i.e. AY 2010-11. The said loans were verified during the assessment proceedings of the assessee for AY 2010-11 by ld. ACIT, Central Circle 2, Mumbai. In response to direct inquiries made the ld. ACIT then the above named parties have filed complete details like confirmation, bank statements and return of income copies to prove the genuineness, creditworthiness and existence of parties. Copy of said letter dated 26/03/2018 along with annexures is annexed hereto and marked as "Exhibit A". 6. That on perusal of the said letter dated 26/03/2018 and annexures hereto, it can be noted that the assessee has received amounts from above mentioned part....