2020 (3) TMI 690

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....petitioner is a cooperative Society of Bank employees and the main objects of the society is to encourage thrift and savings. Deposits can be taken from any person and loan can be advanced to its members only. Since it was a cooperative society, its income comes under Section 80 (P) (2) of the Act and that is why it is never filed returns. However, the survey was conducted out on 27.06.1996 under Section 133-1(A) from 5.40 PM till 10.00 PM. While conducting the survey, the Authorised Officer issued the impugned notice under Section 131 of the Act and proceeded to seize the accounts of the petitioner. The ground taken is that there were no reasons to believe that the income has been concealed and that in any case, the money could not have be....

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....ion reached. Reasons enable a proper judicial assessment of the decision taken by the Revenue. However, the above, by itself, would not confer in the assessee a right of inspection of the documents or to a communication of the reasons for the belief at the stage of issuing of the authorization. Any such view would be counter productive of the entire exercise contemplated by Section 132 of the Act. It is only at the stage of commencement of the assessment proceedings after completion of the search and seizure, if any, that the requisite material may have to be disclosed to the assessee. 23. At this stage we would like to say that the High Court had committed a serious error in reproducing in great details the contents of the satisfaction n....

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....ry and liable to be struck down with consequential relief; (iii)issue a writ in the nature of mandamus, thereby directing the respondents to refund the amount of Rs. 42,10,000/-, alongwith interest @ 18% illegally taken away by the respondents from the bank accounts of the petitioner society; (iv)an appropriate writ order or direction directing the respondents to lift the restraint imposed on the petitioner from operating its bank account; (v) filing of certified copies of Annexures be dispensed with; (vi)costs of the petition be also awarded; (vii)advance service of notice on the respondents be dispensed with." The prayer does not include the argument which now sought to be raised and thus, the same is rejected. 6. The third co....