TaxTMI 
TaxTMI 
2019 (8) TMI 998
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....nder Article 226 of the Constitution of India, the writ applicant has prayed for the following reliefs : "(a) quash and set aside the impugned notice at ANNEXURE "A" to this petition; (b) pending the admission, hearing and final disposal of this petition, to stay the implementation and operation of the notice at ANNEXURE "A" to this petition and stay the further proceedings for the Asst. Year 2011-12; (c) any other and further relief deemed just and proper be granted in the interest of justice; (d) to provide for the cost of this petition." 3. It appears from the materials on record that the writ applicant seeks to challenge the notice dated 28.03.2018 issued by the respondent under Section 148 of the ....
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....ant was selected for scrutiny assessment. It is not in dispute that various information and details were called for by the then Assessing Officer and the same was duly furnished by the writ applicant. 5. It is pertinent to note that the then Assessing Officer vide notice dated 07.10.2013 issued under Section 142(1) of the Act, had called upon the writ applicant to furnish the following information : Confirmations for unsecured loans / advances along with name, PAN, address, assessment details and various such information; Account number, bank name, branch and address of all bank accounts for the concern as well as proprietor / partner; 5.1 The Assessing Officer upon due consideration of all the necessary details and ....
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....y the assessee with regard to the said contention. The said amount was stated to be advanced in the year 2006 and till date no interest was paid on the same amount by the assessee. Thus, the assessee could not substantiate the nature of such transfer with supporting evidence, hence the same remained unexplained. In view of failure of the assessee to explain the nature of such advance received and also in view of failure to reflect the same in his books of accounts as advance received in 2006, the said amount of Rs. 6 crores is income from unexplained sources which has escaped assessment. Thus, income to the tune of Rs. 6,00,00,000/- or more has escaped assessment in the case of the assessee attracting the provisions of Income-tax Act." 6....
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.... amount is said to have been received in the year 2006 and the second submission that it appears to be a case of change of opinion. 7.1 In Commissioner of Income-Tax vs. Kelvinator of India Ltd. reported in (2010) 320 ITR 561 (SC), the Supreme Court had observed as under : "On going through the changes, quoted above, made to Section 147 of the Act, we find that, prior to Direct Tax Laws (Amendment) Act, 1987, reopening could be done under above two conditions and fulfillment of the said conditions alone conferred jurisdiction on the Assessing Officer to make a back assessment, but in section 147 of the Act [with effect from 1st April, 1989], they are given a go-by and only one condition has remained, viz., that where the Assessi....
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....nion" in Section 147 of the Act. However, on receipt of representations from the Companies against omission of the words "reason to believe", Parliament reintroduced the said expression and deleted the word "opinion" on the ground that it would vest arbitrary powers in the Assessing Officer. We quote hereinbelow the relevant portion of Circular No.549 dated 31st October, 1989, ([1990] 182 ITR (St.) 1, 29) which reads as follows : "7.2 Amendment made by the Amending Act, 1989, to reintroduce the expression 'reason to believe' in Section 147.--A number of representations were received against the omission of the words 'reason to believe' from Section 147 and their substitution by the 'opinion' of the Assessing Officer. It was pointed....
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....writ applicant has not maintained personal books of accounts; Photo copy of wealth tax return for the Assessment Years 2009-10 and 2010-11 were furnished; . Confirmations of loan account in the personal bank account were filed. The same included the confirmation as well as the acknowledgment of return of income of Mitul J. Shah from whom, the writ applicant had received a sum of Rs. 6 crore during the year under consideration; 7.5 The then Assessing Officer, after due consideration of the details and information furnished by the writ applicant from time to time, consciously chose not to make any addition in respect of the transactions as to the receipt of Rs. 6 crore as well as the repayment of the same while framing the assessment under....