2018 (2) TMI 2036

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.... filed the return of income which was accepted without scrutiny under section 143(1) of the Act. To reopen such assessment, the Assessing Officer issued impugned notice. In order to do so, he had recorded following reasons: C/SCA/21107/2017 ORDER "The assessee filed its return of income for the A.Y. 2011-12 on 30.12.2011 declaring total income at Rs. Nil. 2. In this case, information has been received from the O/o the DDIT (Inv.) Unit-3(1), Kolkata, that a inquiry was conducted in the case of Shir Kripa Sankar Dubey by the Investigation Wing, Kolkata. These details were received from the DDIT (Inv) Unit 3(1), Kolkata vide his letter no. DDIT(Inv)Kol/X-181/Report/2016-17 dated 24.03.2017. During the course of inquiry, it was seen....

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.... real beneficiaries including the assessee company i.e. M/s. PARTH KNITEX PRIVATE LIMITED, Brightsun Train Pvt. Ltd company has made the transaction of Rs. 5,00,000/- by its acount of Standard C. Bank A/. No. C/SCA/21107/2017 ORDER 32205469861 on 09.03.2011 with M/s. PARTH KNITEX PRIVATE LIMITED, which is unaccounted income of the assessee company shown in its regular books of accounts. On perusal, from the information of and material on records, it is seen that the credit entry of transaction made with Brightsun Travin Pvt. Ltd is bogus credits which represent undisclosed income of the assessee company u/s. 68 of the IT Act. 3. As discussed in preceding para this amount represents income of the assessee for A.Y. 2011-12, compan....