TaxTMI 
TaxTMI 
2020 (12) TMI 1026
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....n issuing the notice u/s. 148 on the basis of information received from the Investigation Wing without any independent application of mind. 2. That the Ld. CIT(A) has failed to appreciate the fact that there was no reason to believe or any cogent material for arriving at the conclusion that the re-opening of the case u/s. 148 was valid. 3. That the Ld. CIT(A) has also erred in giving his findings and further stating that the objection raised by the appellant at this stage regarding issue of notice u/s. 148 were not raised during the course of assessment proceedings. 4. Without prejudice to the above said facts of the appeal, the Ld. CIT(A) has even erred in not considering that proper books of account have been ma....
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....d his bank accounts for providing accommodation entries. Since an amount of Rs. 5,75,000/- was found deposited in the accounts of the assessee through the concern of Shri Vipin Garg, hence, the said information was passed on by the Investigation Wing to the Assessing Officer. The Assessing Officer forming his belief on the said information reopened the assessment of the assessee for the year under consideration. A copy of the reasons recorded for reopening of the assessment has been placed on page 2 of the paper book, contents of which for the sake of ready reference are reproduced as under:- "ANNEXURE 'A' Name of the assessee KAPOOR RICE AND GENERAL MILL Address of the assessee TOHANA ROAD., NARWANA, JIND PAN of t....
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....r the Income Act, 1961. In view of the above, the provisions of clause (a) of explanation 2 of section 147 are applicable to facts of this case and the assessment year under considerate is deemed to be a case where income chargeable to tax has-escaped assessment. In this case more than four years have lapsed from the end of the assessment year under consideration. Hence, necessary sanction to issue notice under section 148 is being obtained separately from Pr. Commissioner of income tax, Hisar as per the provisions of section. 151 of the income tax Act, 1961. Dated: 23.03.2018 Sd/- (S.C. Sharma) Income tax Officer Ward-2, Jind 5. The Ld. Counsel for the assessee, at the outset, has submitted that the Assessing Off....
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....turn of income for the assessment year under consideration, whereas, the assessee had filed the return u/s. 139 of the Act dated 24.9.2011. The Ld. Counsel has further submitted that the Assessing Officer has failed to apply his mind to the facts of the case after receipt of the information from the Investigation Wing. He, formed his belief of escapement of income merely on the basis of the suspicion, whereas, the assessee had duly filed his return of income and had also taken into account the said amount received from M/s. Radha Krishna Traders and corresponding sales made. That the accounts of the assessee were duly audited and there were no allegation of any bogus purchases made by the assessee in respect of which the sales in question w....