AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2022 (2) TMI 188
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....en the assessment for the Assessment year 2017-18. 3. Mr. Panandikar, learned counsel for the petitioner submits that there is no material whatsoever on record to sustain the alleged subjective satisfaction that any income of the petitioner/assessee has escaped assessment for the Assessment Year 2017-18. He points out that during the relevant assessment year, the assessee did not even have a bank account with the Goa Urban Cooperative Bank and this aspect has been clarified by the bank in its communication dated 27.08.2021 which was placed before the respondents, though after the impugned notice/order was made. He submits that even otherwise a categorical objection was taken based on this factual circumstance and this objection has not bee....
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....e assessment proceedings are complete, the petitioner will have remedies to challenge the assessment order. 5. Ms. Linhares submits that in this case, the respondents discovered that a cash deposit in a huge amount of Rs. 4.39 crores was made in the Goa Urban Cooperative Bank. She points out that the PAN number used to make such a huge deposit was that of the petitioner firm. She points out that for the relevant assessment year, however, no income tax returns were filed by the petitioner firm. She submits that the facts in Mohanlal Champalal Jain (supra) are totally different and based thereon, the present petition is not liable to succeed. For all these reasons Ms. Linhares submits that this petition may be dismissed. 6. The rival conten....
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....e assessee for F.Y. 2016-17 relevant to A.Y. 2017-18 reflecting under the assessee's PAN: AAFFF1205P is itself self-explanatory. The assessee is supposed to disclose truly and fully material facts in his return. In the instant case, the assessee has not filed its return of income u/s 139 of I.T. Act for the year under consideration. The failure on the part of the assessee has been ascertained as a result of verification carried out in afresh which constitutes the reason to believe that the income chargeable to tax has escaped assessment. Thus, no possibility of being change of opinion is involved and the verification on the basis of which the assessment has been re-opened is not only information received from AIMS (Actionable Information Mo....
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.... not a case where the objection raised by the petitioner was not considered by the respondents while making the impugned order dated 16.08.2021. The objection has been considered, no doubt for determining whether any prima facie case was made out to reopen the assessment and not for the final assessment. 11. In Mohanlal Champalal Jain (supra) the assessee had objected to the notice seeking to re-open the assessment by pointing out that during the relevant assessment year the assessee had suffered losses. This was the reason given for not filing returns during the relevant assessment year. This Court found that this explanation was not even adverted to, much less, considered whilst disposing of objections. Besides, in Mohanlal's case, there....
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....assessment officer is required to only form a prima facie view. 14. Applying the aforesaid principles to the facts of the present case we do not think that any case has been made out to interfere with the impugned notice or the impugned order. In this case, based on the material on record, we cannot say that the respondents had no reason to believe that income had indeed escaped assessment for the relevant assessment year. The circumstance about the discovery of cash deposits to the extent of Rs. 4.39 crores against the assessee's PAN number and the circumstance that for this assessment year, the assessee chose not to file any return at all, were, sufficient as well as relevant to the formation of reason to believe. Therefore, no case ....