TaxTMI 
TaxTMI 
TaxTMI 
2020 (4) TMI 528
X X X X Extracts X X X X
X X X X Extracts X X X X
....of income on 30.9.2011 declaring total income of Rs. 8,87,180. The said return of income was processed u/s. 143(1) of the Income-tax Act, 1961 [the Act] on 17.1.2012 accepting the return filed. Later on, an order dated 30.5.2012 was passed u/s. 154 giving credit to self-assessment tax paid. Subsequently, the AO received information from DDIT (Inv.) Unit 3(1), Kolkata vide letter dated 22.01.2016 wherein there was a reference to investigation of enquiries conducted by the said DDIT(Inv.) in the case of Marudhara India Pvt. Ltd., Kolkata in which the director of the aforesaid company Mr. Ramesh Kumar Khaitan admitted that he was providing accommodation entries by accepting cash from the parties and depositing the same in undisclosed bank acc....
X X X X Extracts X X X X
X X X X Extracts X X X X
....rn of income filed in response to notice u/s. 148 of the Act. Thereafter, the proceedings were completed by the AO in which the AO brought to tax a sum of Rs. 65 lakhs as unexplained cash credit u/s. 68 of the Act. It is not in dispute that the aforesaid addition of Rs. 65 lakhs was made by treating the receipt of share capital by the assessee from the following persons as unexplained cash credit u/s. 68 of the Act:- Sl.No. Name of the company/investor PAN Date of receipt in the bank a/c / amount received Date of withdrawals appearing in bank statement / amount of deposit 1. M/s Honesty Mercantile Pvt Ltd AACCH 1907Q 20.04.2010 Rs. 15,00,000 24.06.2010 Rs. 50,00,000 (Clearing Venkataswamy) 2. M/s Aashish Retail ga....
X X X X Extracts X X X X
X X X X Extracts X X X X
....sessment order as provided in the instructions, consequently the order is liable to be annulled. 4. Without further prejudice, the authorities below failed to appreciate that "consent does not confer jurisdiction" on the facts and circumstances of the case. 5. The learned assessing officer has not issued a notice U/s 143(2), consequent to the filing of the return of income in response to notice U/s 148 of the Act, and consequently, the order passed is without jurisdiction and the assessment order is required to be set aside as bad in law, on the facts and circumstances of the case." 7. The aforesaid additional grounds relate to validity of order of assessment on the ground that after the filing of return of income by the assessee, no n....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ce u/s. 148 of the Act on or before 21.3.2018. The assessee did not file return of income within the time given by the AO. The AO issued a notice u/s. 143(2) of the Act on 3.5.2018. On the very same day the AO also issued another notice/letter to the assessee wherein he had informed the assessee that he would treat the return originally filed by the assessee on 30.9.2011 as a return filed in response to notice u/s 148 of the Act and invited the assessee's objections for such a course of action on or before 10.5.2018. On 10.5.2018, the assessee informed that the return originally filed on 30.9.2011 may be treated as a return filed in response to notice u/s. 148 of the Act. The law is well settled that it is only on 10.5.2018 that the return ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....y the assessee in response to notice u/s. 148 of the Act requesting the AO to treat the return filed originally on 30.9.2011 as a return filed in response to notice u/s. 148 of the Act. Therefore as of 10.5.2018, the return originally filed on 30.9.2011 becomes a return filed in response to notice u/s. 148 of the Act. Since there was a return filed in response to notice u/s. 148, we are of the view that the decision referred to by the ld. DR will not be of any assistance. 12. The ld. DR also submitted that the order of assessment does not mention that it is an order passed u/s. 143(3) of the Act and therefore the assessment can be said to be one concluded u/s. 144 of the Act. This argument of the ld. DR also cannot be accepted because befo....