TaxTMI 
TaxTMI 
2024 (7) TMI 1143
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....etition under Article 226 of the Constitution of India, the petitioner seeks to challenge notice under Section 148 of the Income Tax Act, 1961 (for short 'the Act'), by which the Revenue has sought to reopen the assessment for the Assessment Year 2012-13. 3. Brief facts of the case are as under: 3.1 The petitioner-assessee submitted a return of income for the Assessment Year 2012-13 on 18.9.2012, declaring total income of Rs. 12,12,520/-. 3.2 A notice under Section 148 of the Act dated 31.03.2018 was issued upon the petitioner. Pursuant thereto, the petitioner has filed her response on e-proceedings portal stating that return for the Assessment Year 2012-13 has already been filed vide acknowledgment no. 8965711180912, the same may be con....
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.... incorrect information that the petitioner has not disclosed profit of Rs. 3,13,000/-. 5.2 Learned advocate Mr. Shah further submitted that whereas the fact is the aforesaid profit was duly disclosed in the return of income and has also been taxed accordingly. Thus, according to learned advocate Mr. Shah it is an issue under Section 148 of the Act for the Assessment Year 2012-13 can not be sustained being based on the wrong information and facts. 5.3 To substantiate aforesaid contention, learned advocate Mr. Shah has placed reliance on Kapadia Money Changers (P) Ltd. v. Assistnat Commissioner of Income Tax reported in (2019) 108 taxmann.com 275 (Guj.). 5.4 Learned advocate Mr. Shah further submitted that reopening of the assessment in t....
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....l for investigation and thereby it can not be said that the provisions of Section 148 of the Act has been invoked for making any fishing and roving enquiries. 6.3. Learned Senior Standing Counsel Mr. Sanghani submitted that the order disposing of the objection opposing the reassessment has been passed in great detail and sufficient reasons have been advanced by the Assessing Officer, thus, the said order can not be followed with. Accordingly learned Senior Standing Counsel Mr. Sanghani requested this Court to dismiss the petition. 6.4. Learned Senior Standing Counsel Mr. Sanghani vehemently submitted that the Assessing Officer has formed reasons on the basis of tangible material which has come in the possession of the revenue, therefore i....
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....ah having address at 65, Ishita Park Row house, Near Sanghvi Tower, Adajan Road, Surat derived income from business and income from other sources during the year under consideration. The Assessee is assessed under the PAN-AEDPS1678H. The assessee had filed return of income for A.Y. 2012-13 on 29.08.2012 declaring total income of Rs. 12,12,520/- During the year, the assessee has shown income from business Rs. 957826 and income from other sources Rs. 254694/-. The case of the assessee was not selected for scrutiny earlier, i.e for the assessment year 2012-13. 2. This office was in receipt of information from the office of ADIT (Inv), Unit 3 (1) Kolkatta, wherein it was stated that there was systematic evasion of taxes by clients/member....
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....eable to tax amounting to Rs. 313100/- or more in the case of the assessee had escaped assessment. In view of the above, I have reason to believe that income to the tune of at least Rs. 313100/- has escaped assessment within the meaning of section 147 of the Act. I am therefore, satisfied that this is a fit case for invoking the provisions of section 147 of the Income-tax Act." 10. Having considered the reasons so recorded, it appears that the Revenue has sought to reopen the assessment on the sole basis that the profit of Rs. 3,13,100/- being the difference between purchase and sale of commodities over national multi commodities exchange, though derived but not reflected in the return of income. 11. Now, as per the undisputed fact that ....