TaxTMI 
TaxTMI 
TaxTMI 
2024 (3) TMI 1019
X X X X Extracts X X X X
X X X X Extracts X X X X
....Assessing Officer [AO] from completing the assessment proceedings. It is that interim order which had continued on the writ petition till date. 3. On 07 August 2023, the Court upon hearing preliminary submissions of the parties had passed the following order: "1. Mr Sumit Lalchandani, learned counsel for the petitioner, informs us that this is a case where two sets of reasons have been recorded. 2. In this behalf, Mr Lalchandani has drawn our attention to Annexure P-7, which is appended on page 47 of the case file, which, according to him, is the first set of reasons. 3. Insofar as second set of reasons are concerned, our attention is drawn to Annexure R-6 which is appended to the affidavit filed on behalf of the respondent/revenue pursuant to an order dated 05.01.2018 issued by the court. [See pdf page 125 of the case file]. 4. Mr Shlok Chandra, learned senior standing counsel, who appears on behalf of respondent/revenue, says that he would like to file written submissions in the matter. Leave in this behalf is granted. 5. List the matter on 10.10.2023." 4. It appears that the principal contention of the petitioner was a perceived distinction in the recordal of reasons....
X X X X Extracts X X X X
X X X X Extracts X X X X
....s of the assessee Seema Gupta 9, East Avenue Road, East Punjabi Bagh, Delhi - 110023. 2. PNR/GIR No. AAIPG5271B 3. Status Individual 4. District/Ward/Range Circle-41(1), Delhi 5. Assessment Year in respect of which it is proposed to issue notice u/s 148 2009-10 6. The quantum of income which has escaped assessment 16,30,506/- 7. Whether the provisions of section 147(a) or 147(b) or 147(c) are applicable or both sections are applicable Section 147(b) 8. Whether the assessment is proposed to be made for the first time, if the reply is in the affirmative, please state: Yes a. Whether any voluntary return has already been filed and Yes b. If so, the dates of filing the said return 29/09/2009 9. If the answer to item 8 is in the negative, please state N.A. a. The Income originally assessed N.A. b. Whether it is a case of under assessment at too low a rate, assessment of which has been made, the subject of excessive relief or allowing loss or depreciation; N.A. 10. Whether the provision of Section 150(1) is applicable. If the reply is in the affirmative, the relevant facts may be stated against item no. 10 and it may also be brought out....
X X X X Extracts X X X X
X X X X Extracts X X X X
....and disparity between the information provided to the petitioner and the reasons as existing on the record of the respondent were sought to be highlighted by Mr. Lalchandani who drew our attention to the following tabular statement: "Information/ email pursuant to which reasons were recorded (Annexure R-2) at page 102 of the case file Reasons recorded supplied to Petitioner (Annexure P-7) at Page 47 of Case File Reasons recorded filed by Respondent in pursuant to the High Court order dated 05.01.2018 (Annexure R-6) at page 125 of Case File. 3 The Ahmedabad Investigation Directorate, as an institutional response to the orchestrated misuse for client code modification for tax evasion, carried out coordinated limited purpose surveys u/s 133A of the Income Tax Act, 1961 at the premises of 12 brokers and few of their clients across India on 23.03.2015. 4 ......After analysis of data received from NSE and after considering the contention of brokers, it is concluded by the ADIT that CCM has been used as a tool for tax evasion. The genuine contentions of brokers have been duly addressed in the Survey Report. Only settled trades have been considered to arrive at the beneficiaries. An ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... precise information received from ADIT, I have reasons to believe that income of assessee has escaped assessment. Keeping in view of the above facts, it is requested that necessary approval u/s 151(1) may kindly be accorded for initiating proceedings u/s 148 of the Income Tax Act, 1961 in order to book income which had escaped assessment. Date: 23.03.2016 9. As would be evident from the above, the information which triggered the initiation of action was based upon an information received via email from the Ahmedabad Investigation Directorate [Directorate]. The aforesaid report alluded to certain conclusions prima facie arrived at by that Directorate on analysis of data received from the National Stock Exchange, and on the basis whereof the Directorate opined that the Client Code Modification [CCM] system had been used as a tool for tax evasion. Upon receipt of the aforesaid report, the AO while apprising the petitioner of the reasons which warranted re-assessment being undertaken, referred to the report of the Directorate and alluded to an 'orchestrated misuse' of CCM with a motive to evade tax. It also referred to a coordinated limited purpose survey undertaken under Section 1....