TaxTMI 
TaxTMI 
2022 (2) TMI 380
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....notice issued u/s. 148 dated 26th March, 2016 of the Income Tax Act, 1961 was bad in law and hence the assessment order framed u/s. 143(3) r.w.s 147 pursuant to the above Notice is bad and illegal. 3.0 The Issuer of Notice u/s. 148 dated 26th March, 2016 by the learned Assessing Officer admittedly without knowing whether the relevant facts were disclosed in the return or not was issued merely on the basis of 'suspicion' in order to conduct fishing and roving enquiries is not sustainable in the eyes of the law and hence the same may be quashed. 4.0 The learned Commissioner of Income Tax (Appeals) erred in law and on facts in confirming the addition of Rs. 11,23,617/- being G.P. @ 9.5% on a sum of Rs. 1,44,36,717/- 5.0 Without p....
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....eipts of Rs. 26,09,168/- on total income of Rs. 4,78,570/- was declared under Section 44AD of the Income Tax Act, 1961. The assessment was reopened by issuing notice under Section 148 of the Act on 26.03.2016 after recording the reasons and taking prior approval from the Pr. CIT for verification of the cash deposits as appearing in Savings Bank Account of the assessee. As per AIR information available in Assessing Officer's Office and ascertained transactions of Rs. 1,09,99,263/-. In response to the notice under section 148 of the Act, the assessee vide letter dated 12.05.2016 furnished the reply and stated therein that return filed on 23.02.2011 should be treated as return filed in response to notice under Section 148 of the Act. Copy ....
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....itted that the reopening was just and propr. 8. We have heard both the parties and perused all the relevant materials available on record. It is pertinent to note that the reasons recorded on 21.03.2016 has categorically mentioned that R.K. Traders is a proprietary concern of the assessee which has business dealings with M/s. Wonder Packaging Industries as the business premises of M/s. Wonder Packaging Industries is used by the assessee (his proprietary firm). The assessee has filed return of income in the year 23.02.2011 but has not mentioned this particular issue/income in the said return related to the transactions. In fact, in respect of notice under Section 148 of the Act, the assessee opted that the said earlier return filed in Febru....