2022 (4) TMI 1082

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....ny vide notice dated 31st August, 2015 issued under Section 143(2) of the Income-Tax Act, 1961 (the Act). Notice dated 30th May, 2016 under Section 142(1) of the Act alongwith questionnaire was also issued and served on Petitioner. Petitioner filed its reply dated 6th June, 2016 providing all details including a note on the nature of business, return of income etc. alongwith profit and loss account and balance-sheet and relevant scheduled balance-sheet as on 31st March, 2014 and details of bank accounts. 2. Another notice dated 6th September, 2016 under Section 142(1) of the Act was issued raising various queries which was replied to by Petitioner vide its letter dated 16th September, 2016 providing further details. By another letter dated....

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....ober, 2021. As stated in the reasons, according to Respondent No.1, Petitioner had unsecured loans of Rs. 1,17,48,08,731/- during A.Y. 2014-2015. Out of this Rs. 27,87,70,259/- was net amount of loan received during the year. Petitioner had provided confirmation from the loan providers but it is observed that income of the loan providers was very low during the year as per the chart shown in the reasons. As the loan given by those parties has been credited in the books of Petitioner during the year under consideration and as the assessee offered no explanation, i.e., about the nature and the source of the above loan, the credit worthiness of the creditor and genuineness of the transaction has not been explained, the source of above loan rem....

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....oposed is purely based on change of opinion and the entire issue which is the subject matter of the reasons recorded has been raised during the assessment proceedings, response obtained from Petitioner and Petitioner's explanation has been accepted by the Assessing Officer. Assessing Officer also, we would say, was satisfied with the credit worthiness and details provided by third party lenders. Mr. Sharma submitted that in the Assessment Order this issue has not been discussed. That does not help the cause of Respondents because it is settled law that once query has been raised and answers have been given, even if the assessment order is silent, the Assessing Officer is supposed to have considered the issue and is deemed to have been satis....