TaxTMI 
TaxTMI 
2019 (5) TMI 350
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....e 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 re-assessment dated 29.11.2017 came to be ....
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....d 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. 1.60 crores as loan from M/s.Sha Rikhabdas Madaji & Co. (PAN AABFS0195H) a par....
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.... 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 both the Petitioner and the firm for the AY in question at the time of issuance of the order/ intimat....