TaxTMI 
TaxTMI 
2023 (2) TMI 717
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....ening of assessment under Section 147 of the Act. 2. Briefly stated the material facts are as under : The Petitioner filed a return of income under Section 139 of the of the Act for the assessment year 2015-16. The case was selected for scrutiny under Computer Assisted Scrutiny Selection ('CASS'). The assessing officer issued a notice under Section 142(1) of the Act calling for various details mentioned therein. The Petitioner states that pursuant to the said notice, it submitted its financial statements for the year ending 31 March 2015. The assessment proceedings were completed under Section 143(3) on 31 August 2017 accepting the loss at Rs.(-) 4,23,213/- declared in the return of income. 3. A notice under Section 148 of the Act dated....
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....d the reasons recorded for reopening the assessment vide communication dated 23 June 2021, which read as under : 1. ......... 2. Brief details of information collected/received by the AO : In this case, credible information is received on INSIGHTS PORTAL under the high risk CRIU/VRU cases. On perusal of the information from the insights portal, it is stated that the assessee has transacted funds with the Account No.914020039098036 of M/s Outstripe Suppliers Pvt. Ltd. which has been conclusively proven to be a shell company by the investigation wing. The assessee has taken accommodation entries amounting to Rs.2,15,00,000/- during the A.Y. 3. Analysis of information collected/received : It has been conclusively proven from the invest....
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.... but a case, where the loan had been advanced to M/s Outstripe Suppliers Pvt. Ltd. on which, the Petitioner was also receiving interest, which details had been provided during the initial assessment proceedings. The objections were considered and rejected by virtue of Order dated 14 December 2021. 7. The Petitioner challenges the reopening of the assessment primarily on the grounds : That the reasons recorded for reopening of assessment reflected non-application of mind inasmuch while in para-1 of the reasons recorded, the assessing officer stated that case was selected under CASS and completed under Section 143(3) on 31 August 2017 accepting the returned income, wherein in para-7 of the said reasons, the assessing officer has stated tha....
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....hich comes to his notice subsequently in the course of the proceedings. The first proviso of Section 147 further envisages that if an assessment under sub-section (3) of Section 143 has been made for the relevant assessment year, no action shall be taken under that section after the expiry of four years from the end of the relevant assessment year unless any income chargeable to tax has escaped assessment for such assessment year by reason of failure on the part of the assessee inter alia to disclose fully and truly all material facts necessary for his assessment, for that assessment year. 10. In Hindustan Lever Ltd Vs. R.B. Wadkar, Assistant Commissioner of Income-tax 2004 ITR 332 Vol.268 this Court held : "....The reasons recorded shou....