TaxTMI 
TaxTMI 
2022 (1) TMI 490
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...., 2019 and the order dated 15th November, 2019. 3. Though time was granted on 17th December, 2019 to Respondents for filing reply if necessary, no reply has been filed till date. 4. Petitioner has received notice dated 31st March, 2019 under section 148 of the Act for A.Y. 2012-2013. The reasons for reopening of the assessment are : (a) Petitioner had filed return of income for A.Y. 2012-2013 declaring total income of Rs. 6,09,900/- which was processed under section 143(1) and later under section 143(3) of the Act. According to the Jurisdictional Assessing Officer(JAO) Petitioner was maintaining bank account with ICICI Bank, Dombivali Branch. In the said account, there are large valued non-cash transactions between 5th March, 201....
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....ped assessment to Rs. 744 lacs. This is the figure for which there has been credit transaction and debit transaction during the assessment year. 6. First and foremost, we have to note that where there has been credit of Rs. 744 lacs and admittedly debit of Rs. 744 lacs, how can there be any income at all and that too which has escaped assessment. The entire amount received has been paid out. Moreover, in the balance-sheet annexed to the Petition there are names of Ashok Mahansaria and Yogesh Mahansaria against whom liability in the sum of Rs. 8,50,90,155/- and Rs. 3,50,40,164/- respectively, has been recorded. It is this amount of investment which was gone to M/s. Eske Tex India Private Limited. Petitioner received interest of Rs. 1,41,18,....