TaxTMI 
TaxTMI 
2024 (7) TMI 846
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....thwith. 2.1 Learned advocate Mr. Rudram Trivedi waives service of notice of Rule on behalf of the respondent. 3. Having regard to the controversy involved which is in narrow compass, with the request of learned advocates appearing for the respective parties, the matter is taken up for final consideration. 4. By this petition under Article 226 of the Constitution of India, the petitioner has challenged notice under Section 148 of the Income Tax Act, 1961 (for short 'the Act') along with notice under Section 148A (b) dated 01st March, 2024 and order dated 30th March, 2024 passed under Section 148A (d) of the Act for the A.Y. 2017-18. 5. The petitioner is a co-operative society established since 05th June, 1992 and is engaged in the busine....
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....t - Assessing Officer, taking into consideration that the petitioner has not filed return under the PAN AAPAS3755G, issued notice 01st March, 2024 under Section 148A (b) of the Act on the basis of the information available under RMS - Non-Filing of Return - PAN Cases for the A.Y. 2017-18 in accordance with the Risk Management Strategy which was formulated by the Central Board of Direct Taxes. 5.4 The petitioner by reply dated 08th March, 2024 provided details about filing of the return for A.Y. 2017-18 under the PAN AAVFS6160N along with intimation under Section 143 (1) of the Act issued by the Department for the A.Y. 2017-18, wherein also deduction under Section 80P was granted. 5.5 It appears that after considering the reply of the asse....
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..... From the reply filed by the assessee, it is explained that assessee had filed the return of income but the same was NOT with the PAN: AAPAS3755G in question and assessee filed his ITR with the old PAN :AAVFS6160N. 4.4 The reason why this case was selected under RMS was because though assessee had made Cash deposits of Rs.1,46,98,500/- with bank account maintained The kaira district central co-op bank Itd, and there were Cash withdrawals of Rs.52,60,000/-with bank account maintained The kaira district central co-op bank Ltd, Purchase of Time deposits of Rs.3,58,00,000/-with bank account maintained The kaira district central co-op bank Ltd, Time deposits of Rs.1,98,00,000/-with bank account maintained Indian Overseas Bank, Time deposits ....
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....in the year 2020 whereas the assessment in question is A.Y. 2017-18. 5.1 Even when this office agrees to the argument of the assessee, it was for the assessee to prove that, all the "information" which were in the possession of the department has been declared in the return of income filed with the new PAN. Assessee has failed to do so. In the absence of documentary evidences, all the arguments put forth by the assessee is treated as filed. 5.2 Further, this office had verified the computation of income filed as annexure to the submission by the assesse. On closer look of the same, it indicates that, assessee had not disclosed the Bank account maintained with The kaira district central co-op bank Ltd. The same is re-produced as under:....
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.... the information available with the department was correct. The bank statement obtained is as under XXX XXX XXX 5.5 From the above information, it is proved with documentary proof that, assessee had made a cash deposit of Rs. 1,46,98,500/- with The kaira district central co-op bank Ltd. in current Account No.: 902066104001153. 5.6 Now, the details of the withdrawal entry too is being verified with the bank. XXX XXX XXX 5.7 Only when the investment and cash deposits and the source of investment has been explained by the assessee with documentary evidences that the same is being reflected in the PAN: AAVFS6160N, then and there only, this office, at the preliminary stage of inquiry u/s. 148A can be confirm that there would not h....