2023 (2) TMI 750

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.... various additions made by the Assessing Officer. 3. Ground nos. 12, 13 and 14 are of general nature. 4. At the outset, I proceed to decide legal issues raised in ground nos. 1 to 4 challenging the validity of the assessment order. 5. Briefly, the facts are, the assessee is a resident corporate entity. For the assessment year under dispute, assessee did not file any return of income under Section 139(1) of the Income-Tax Act,1961 6. After calling upon the assessee to furnish return of income, the Assessing Officer ultimately reopened the assessment under Section 147 of the Act alleging that in the year under consideration, the assessee had entered into cash transactions exceeding Rs.10,00,000 in a month, resulting in escapement of incom....

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....eding Rs.10,00,000, however, he has neither referred to specific information available with him or the nature of transaction. Further, he submitted, in the reasons recorded, the Assessing Officer has referred to three different assessment years. Thus, he submitted, the reasons recorded shown complete non-application of mind by the Assessing Officer. Proceeding further, he submitted, though, the Assessing Officer reopened the assessment alleging cash transactions of exceeding Rs.10,00,000 in a month, however, while completing the assessment, the Assessing Officer has not made any such addition. Thus, he submitted, without making the addition for which the assessment was reopened, the Assessing Officer cannot make any other addition. He submi....

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.... the ITD application the assessee has not filed return of income for the F.Y.2010-11, relevant to A.Y. 2011-12. 2. In the absence of any return of income for the A.Y 2010- 11, it is clear that the above referred cash transaction is from unaccounted and unexplained sources. 3. In view of the above discussion factual matrix, additional information downloaded from I-Taxnet, I have reason to believe that income of Rs.10,00,000/- chargeable to tax has escaped assessment for A.Y. 2008-09, within the meaning of section 147 of the Income-Tax Act, 1961." 13. A reading of the reasons recorded would show that the Assessing Officer on the basis of information down loaded from the system of the department found that in the year under considerati....