2023 (9) TMI 842

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....x Act, 1961 [in short, "The Act"] and the order dated 30.11.2018, passed by the Assessing Officer (AO), disposing of his objections. 3. The record shows that the petitioner had filed its Return of Income (ROI) concerning the aforementioned AY, on 28.02.2012. In the ROI, the petitioner had declared his income as Rs. 23,66,050/. 4. The return was processed under Section 143(1) of the Act and an intimation on that behalf was furnished to the petitioner on 20.03.2012. 5. On 20.09.2018, the petitioner, as required, electronically filed its ROI in response to the notice issued under Section 148 of the Act. 6. Significantly, what the petitioner had declared in this return was substantially the same as that was disclosed in the original....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ned because the ROI was not filed, was factually unfounded. 13. This is evident upon a bare perusal of the reasons to believe as recorded by the AO. For the sake of convenience, the reasons to believe as recorded by the AO are extracted hereafter: "Reasons for reopening of the assessment in case of Tarlochan Lal for A.Y. 2011-12 u/s 147 of the Act. The assessee is a contractor. The assessee has filed return for A.Y. 2003-04 to 2016-17. As per data available in ITD, return for A.Y. 2011-12 was filed on 29.03.2012 and was processed u/s 143(1) on 17.08.2012. As per information available in the ITS,: assessee has received contractual receipts of Rs. 2,93,11,125/- and has paid Rs. 5,00,00/- for acquiring bonds/deben....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ng provisions of section 147 of the I.T. Act. Therefore, the case is fit for reopening the assessment u/s 147/148 of IT Act. In this case, since four years have escaped but not more than six years from the end of the assessment year, it is therefore proposed as per provisions of Sec 149(1)(b) read with section 151 (2) of the IT Act, 1961 that approval for initiating action u/s 147 of the IT Act, 1961 for the A.Y. 2011-12 may be granted in the instant case. Submitted for your kind perusal and approval." [Emphasis is ours] 14. As would be evident, the reasons to believe recorded by the AO have strangely also received the approval of the superior i.e., the Principal Commissioner of Income Tax (PCIT). 15. Ms Dac....