2019 (5) TMI 350

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....or re-assessment under the provisions of the Income-Tax Act, 1961 (in short 'Act') for Assessment Year 2010-11. Pursuant to a return of income filed by the petitioner an intimation under Section 143(1) was passed and the return was not taken up for scrutiny. While this was so, and the petitioner was under the impression that the proceedings for the Assessment Year in question have attained finality, a notice under Section 148 was issued by the respondent on 30.03.2017 which is the last day of the six (6) year period provided for re-assessment under the Act. The petitioner appeared before the Assessing Officer in response to notices for hearing dated 17.04.2017 and 04.08.2017 calling for production of various particulars. An order of....

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....ed 02.02.2018 reveal that material has been received from the Information Wing on the basis of which the present proceedings have been initiated. The reasons state thus: 'An information received from the DDIT (Inv.)., Unit 2(1), Chennai vide letter No.DDIT (Inv)/U-2(1)/16-17 dated 28.03.2017. On verification of the bank account No. 60310500045 of Shri Vinith K Bhansali's maintained with ICICI Bank, Sowcarpet Branch, Chennai, the following amounts were credited as detailed below: Date Amount of Credit 01.09.2009 Rs. 1,00,00,000 02.09.2009 Rs. 60,00,000 17.03.2010 Rs. 85,00,000 During the course of enquiry conducted by the DDIT, Shri Vinith K Bhansali has stated that he received a sum of Rs. 1....

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....averi Stock Brokers Pvt. Ltd. [(2007) 291 ITR 500 (SC)], the Supreme Court has dealt with the escapement of income in cases where an intimation under Section 143(1) is issued and states thus: '16. Mr. Monga submitted that the intimation under Section 143 (1) of the Act was as much an assessment as regular assessment of a return that has been picked up for scrutiny under Section 143 (3) of the Act. It is further submitted by Mr Monga that there was no tangible material that the AO came across to justify forming 'reasons to believe' that income had escaped assessment. The only material referred to were the statement of accounts, balance sheet, audited report etc. which in any way were available with the AO in respect of b....

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....& Investment Co. Ltd. (2015) 373 ITR 661 (SC) settled the legal position that where the return had been processed under Section 143 (1) of the Act, there was no "assessment" as such and therefore, the question of change of opinion did not arise. He referred to the order dated 10th February 2016 passed by the High Court of Judicature at Bombay in Writ Petition No. 3027 of 2015 (Khubchandani Healthparks Pvt. Ltd. v. Income Tax Officer 6 (3) (4) Mumbai) where the above legal position was further explicated.' In the light of the discussion above as well as the judgement of the Supreme Court in the case of Rajesh Jhaveri (supra), there is no merit in this writ petition and the same is dismissed. 8. The order of re-assessment dated 29.1....