2018 (8) TMI 1782

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e Revenue on 28.03.2017 that the assessee-petitioner was a share holder to the extent of over 20% in M/s Indo Nucleomet (P) Ltd. and that he had received a sum of Rs. 70 lac from that company. The AO recorded his "reasons to believe" and satisfaction for reopening the assessment in a following term: "On examination of the bank account statement of M/s Indo Nuclement Pvt. ltd. (Bank A/c NO.600030100020114 and 600020110000353 in Bank of India), it is found that the following payments from the said bank accounts were transferred to the personal saving bank account of Sh. Sanjeev Ghei (Bank A/c NO.82432010005366 with Syndicate Bank), in the F.Y.2009-10. From account No.  Transaction pertain to F.Y. Amount (Rs. in lacs ) ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....t full and material disclosure of amounts received including Rs. 70 lacs that triggered the impugned reassessment notice had been made in the return for the concerned Assessment Year 2010-11. He also relied upon the questionnaire issued by the AO at the relevant time, with respect to the specific bank accounts and the explanation afforded. The reply to the queries of the AO was made on 18.10.2012; reply to it was furnished soon thereafter. The record also would show that for the relevant period, the bank accounts statements of Punjab National Bank and Syndicate Bank, where the petitioner had personal accounts were furnished. It is submitted on behalf of the petitioner that since there was full and material disclosure, the AO's inability ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ing that the mere supply of account books etc. would not absolve the assessee of his primary duty to disclose the taxable nature of any particular receipt. This Court has considered the submissions as well as the materials on record. The queries directed to the assessee, especially at Serial No.74 in the questionnaire to which reply was furnished soon thereafter, along with Annexure II of the letter (by the assessee) furnished the details of the amounts received in the Syndicate Bank account. A sum of Rs. 70 lakhs was credited to the account of the petitioner. The AO appears to have proceeded with the inquiry even after being told that the petitioner was a substantial shareholder of M/s. Indo Nucleomet Pvt. Ltd. In these circumstances, t....