TaxTMI 
TaxTMI 
2024 (1) TMI 861
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....1. Ground 1 - Validity of reassessment proceedings. 1.1. That on the facts and the circumstances of the case and in law, the learned Assessing Officer ("AO") has erred in reopening the assessment for the year under consideration under section 148 of the Act. 1.2. That on the facts and the circumstances of the case and in law, the impugned reopening under section 148 of the Income-tax Act, 1961 ("the Act") is in excess of jurisdiction and bad in law. 1.3. That on the facts and the circumstances of the case and in law, the proceedings under section 148 of the Act are not in accordance with law and consequently ought to be struck down. Without prejudice to the above, 2. Ground 2 - Erroneous treatmen....
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....ice to the foregoing, 2.5. That on the facts and the circumstances of the case and in law, the learned AO has erred in ignoring the fact that the amount of Rs 150,00,00,000 was invested in NCD's in AY 2014-15 and not in AY 2017-18, accordingly, no addition can be made considering the said amount as unexplained in nature during the year under consideration. 2.6. That on the facts and the circumstances of the case and in law, the learned AO has erred in considering that the interest earned by the Appellant on the NCD's is already offered to tax in the earlier years and also taxed as such and hence, taxing the same for the year under consideration results in double taxation to the extent of such interest which is not ....
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....mation available in ITS-AIR details was analyzed and it was observed that the assessee, during the financial year 2016-17 relevant to A.Y. 2017-18 has been involved in following transactions: Sr.No Nature of transaction Amount 1 Remittance to a non-resident or to a foreign company 2,03,56,82,630 3. It is pertinent to mention that though the assessee has indulged in above transactions during the year, the assessee has chosen not to file return of its income for the year under consideration in spite of having taxable income. 4. To verify the nature of these transactions and to give an opportunity to the assessee to explain the same, the assessee was issued letter ITBA/AIM/S/95/2020-21/1031493840(1) through ....
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....n record, the full and true disclosure with regard to the above transactions have not been made by the assessee company. In view of explanation 2 to clause a of proviso of section 647 of the Income Tax Act, 1961, where a return of income has not been furnished by the assessee and it is noticed that the total income of any other person in respect of which he is assessable under the IT Act, 1961 during the year exceeded the maximum amount which is not chargeable to income tax. Keeping in view all the above, I have reason to believe that an amount at least of Rs. 2,03,56,82,630/has escaped assessment in case of BCP V SINGAPORE FVCI PTE. LTD for the A.Y. 2017-18 within the meaning of Section 147/148 of Income Tax Act, 1961. 6.2 It woul....
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.... revealed that NCDs amounting to Rs. 150,00,00,000/- were subscribed on 17.06.2014 by the assessee in a company name M/s Hindustan Power Projects P. Ltd. The assessee has also earned interest and that interest has been offered to tax in the assessment year 2015-16 and 201617 and the NCDs were redeemed in the month of September 2015 and October 2015 relevant to the assessment year 201718 and then transferred the funds from Deutesche Bank India, to J.P Morgan Bank in Singapore. The assessee has obtained form 15CB and filed form 15CA with regard to the said remittances to its J.P Morgan Bank account in Singapore. 5. From the above it is apparent that the assessee has only repatriated the amounts invested in the earlier years and hence, no t....