2023 (2) TMI 718

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....d under section 148 of the Income Tax Act, 1961 ('the Act') which sought to reopen the petitioner's assessment for the assessment year 2017-18 on the ground that income had escaped assessment within the meaning of section 147 of the Act. 2. The reasons for reopening are as under : 1. The assessee company had fled its return of income for A.Y. 2017-18 on 30.10.17 declaring loss of (-)Rs.3,69,85,637/-. The case was selected for scrutiny and the assessment was completed u/s 143(3) of the Act on 29.12.2019 assessing loss of assessee at (-) Rs.59,95,891/-. 2. In this case, an information was received from the office from office of Deputy Director of Income Tax (Investigation) Unit 6(3), Mumbai dated 23.06.2017, that in the s....

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....ing but unexplained sum and needs to be brought to tax accordingly. 3 Hence, it is clear that there is failure on the part of the assessee to disclose fully and truly all material facts necessary for the assessment for the year in question within the meaning of First proviso to section 147(1) of the Act. 4 In view of the above, I have reason to believe that income chargeable to tax to the tune of Rs.2,15,50,000/- has escaped assessment within the meaning of section 147 of the Act for the A.Y. 2017-18. It is, therefore, proposed to issue notice under section 148 of the Income-tax Act, 1961 for A.Y. 2017-18 to reassess such income and also any other income chargeable to tax which has escaped assessment and which may come to ....

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....payment made to M/ s. Dyaneshwari Multi State Urban Cooperative Credit Society Ltd. with documentary evidences i.e. bank statements and when the said amount was returned back to you. Please furnish the ledger account for the same........." 5. This notice was replied by virtue of communications, dated 20th December 2019 and 27th December 2019. Finally, the order of assessment under section 143(3) was passed on 29th December 2019. It was urged that the queries having been raised and the issue considered in the light of the submissions made, as also the order of assessment having been passed under section 143(3), the reassessment proceedings sought to be initiated ,would be a clear case of change of opinion, and would not satisfy the jurisd....

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....ailed reasons have not been recorded on analysis of the materials on the record by itself may justify the Assessing Officer to initiate a proceeding under section 147 of the Act. The said submission is fallacious. An order of assessment can be passed either in terms of sub-section (1) of Section 143 or Sub-section (3) of Section 143. When a regular order of assessment is passed in terms of the said subsection (3) of section 143 a presumption can be raised that such an order has been passed on application of mind. It is well known that a presumption can also be raised to the effect that in terms of clause (e) of section 114 of the Indian Evidence Act the judicial and official acts have been regularly performed. If it be held that an order wh....