TaxTMI 
TaxTMI 
2022 (4) TMI 640
X X X X Extracts X X X X
X X X X Extracts X X X X
....o.3. 2. This writ petition has been filed praying for the following reliefs:- "(i) Issue a writ, order or direction in the nature of certiorari quashing the order dated 03.02.2022 passed by the National Faceless Assessment Centre Delhi respondent no.2 rejecting the objection of the petitioner to the reasons recorded for re-opening of the assessment for A.Y. 2016-17 (Annexure-5 to the writ petition). (ii) Issue a writ, order or direction in the nature of certiorari quashing the notice issued under section 148 of the Income Tax Act for A.Y. 2016-17 dated 32.03.2021 issued by the Income Tax Officer (1), Ward 2(2)(1) Ghaziabad, respondent no.1 (Annexure- 2 to the writ petition)." 3. Learned Senior Advocate for the petiti....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Pvt Ltd. during the F.Y. 2015-16. On perusal of the record it is seen that the assessee has filed ITR for A.Y. 2016-17 on 28.07.2016 declaring income of Rs. 7,32,670/-. As per record the case has not been assessed u/s 143(3) of the Income Tax Act, 1961. I have perused the record in light of the above information and through independent verification of return of the assessee with the perusal of the statement recorded on oath came to independent conclusion that the assessee has made huge cash of Rs. 1,18,84,000/- for purchase of units/shop etc, in Red Mall to M/s Celebration City Projects Pvt Ltd. during the F.Y. 2015-16 1.e. A.Y. 2016-17. Hence, there is reason to believe that there is escapement of income from the returne....
X X X X Extracts X X X X
X X X X Extracts X X X X
....o the conclusion that the assessee has made the cash payment of Rs. 1,18,84,000/- for purchase of units/shops in Red Mall to the seller M/s Celebration City Projects P Ltd. during the FY 2015-16. The A.O has therefore, analysed the information with the return of income filed by the assessee for the relevant period, the source of cash deposits was not disclosed in the return of income filed, which is chargeable to tax as discussed in paragraph above and the assessee was assessable under the Act. In view of the above facts, the A.O had reason to believe that the assessee has not disclosed fully and truly all material facts for the year under consideration and the said cash deposits of Rs. 22,85,000/- is the income of the assessee tha....
X X X X Extracts X X X X
X X X X Extracts X X X X
....on Wing from the DDIT (Inv). (1)(3) by letter dated 26/3/2021 giving the details of the transaction was analysed with the return of income filed by the assessee. The A.O then arrived at an independent opinion of income having escaped assessment within the meaning of section 147 of the I.T. Act in the case of the assessee. There are broadly two limitations on the power of the revenue to reopen assessments - (i) there must be some tangible material based on which the reopening is being undertaken which leads to a reason to believe that there has been escapement of income and (ii) the reopening should not be a "mere change of opinion. Furthermsore, information from the Investigation Wing, can be basis for issue of notice u/s.148, as h....
X X X X Extracts X X X X
X X X X Extracts X X X X
....levant assessment year or years referred to in sub-section (1) of section 153A: Provided that in case of such other person, the reference to the date of initiation of the search under section 132 or making of requisition under section 132A in the second proviso to subsection (1) of section 153A shall be construed as reference to the date of receiving the books of account or documents or assets seized or requisitioned by the Assessing Officer having jurisdiction over such other person : Provided further that the Central Government may by rules made by it and published in the Official Gazette, specify the class or classes of cases in respect of such other person, in which the Assessing Officer shall not be required to issue ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... 1961. 11. Perusal of the reason recorded by the assessing authority as aforequoted reveals that the assessing authority has proceeded on the basis of certain information received from the Investigating Wing and after independent verification, he came to the conclusion that the assessee had made huge cash of Rs. 1,18,84,000/-, which caused him to issue notice to the petitioner under Section 148 of the Act, 1961. It is also admitted case of the petitioner that no assessment was made by the assessing authority for the Assessment Year 2016-17. As per Explanation 2(b) appended to Section 147 of the Act, 1961, if a return of income has been furnished by the assessee but no assessment has been made and it is noticed by the assessing officer th....