2022 (9) TMI 725

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....ome Tax Act, 1961 ('the Act') dated 30th July, 2022 for Assessment Year 2017-18. 2. Learned counsel for the petitioner states that the reassessment proceedings cannot be initiated merely based on 'suspicion' or 'surmise' and the reasons for reopening as provided in the impugned Notices are insufficient and amount to a mere 'change of opinion' on an aspect already known to the respondents. He states that the cash deposited in Bank during demonetization and / or remitted by way of cheques were duly disclosed in the Income Tax Return Form, and Financial Statements of the Assessee. He asserts that the cash deposited belonged to the assessee's customers/depositors and was not the assessee's money. He states that there has been no complaint ag....

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....weeks (before 14 days) to the assessee to respond. He contends that though the assessee vide the letter dated 13th June, 2022 sought further time to gather information, yet the AO did not respond to the request of the assessee. He points out that the assessee vide the letter dated 28th June, 2022 filed detailed reply, which was not considered by the Assessing Officer. He submits that the action of respondents in issuing order dated 30th July, 2022 without taking into consideration the detailed reply dated 28th June, 2022 filed by the petitioner in response to the respondent No.l's letter / Show Cause Notice dated 31st May, 2022 is illegal. 6. Having heard learned counsel for the petitioner, this Court is of the views that the petitioner ....

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....cheduled Urban Cooperative bank who 'maintained current accounts with Chandni Chowk, Shakarpur and Karkardooma Branches, New Delhi a/c no. 523011066574, 523011066582, 634011031880, 683011012827, 683011012860 had deposited huge cash amounting to Rs.141.28 crores during the period from 01st April, 2016 to 31st December, 2016'. From the Search Assessment order under Section 153A dated 29th December, 2018, it is not clear whether these deposits were verified by the Assessing Officer or not. In fact, the Assessment Order passed under Section 153A read with Section 143(3) dated 29th December, 2018 is an order passed pursuant to the search, wherein it seems only the documents seized during the search were considered. The said order does not reveal....