TaxTMI 
TaxTMI 
2024 (8) TMI 122
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.... Mrs. Kalpana Raval for the respondents. 2. Rule returnable forthwith. Learned Senior Standing Counsel Mr. Sanghani waives service of notice of rule on behalf of the respondents. 3. Having regard to the controversy in a narrow compass, with the consent of the learned advocates for the respective parties, the matter is taken up for hearing. 4. By this petition under Article 226 of the Constitution of India, the petitioner has challenged the notice dated 31.03.2021 for the Assessment Year 2015-16 issued under section 148 of the Income Tax Act,1961 [for short 'the Act'] for reopening of the assessment. 5. In response to the request of the Assessee, reasons recorded by the Assessing Officer were supplied along with notice under section 143(....
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.... on account of disallowance of thé claim u/s. 37 paid towards unapproved Gratuity fund and on account of Income Tax Expenses were made. As per the information received, "Mr Dashrathsingh Rajput, Mr Maganlal Patel, Mr Jayantilal Parmar, Mr Prafulchandra B Naik and Gunvantrai K Vashi maintains current a/c No. 200006404127 in the name of M/s Valsad Dist Central Co-op Bank Ltd, Halar Road Branch since 30/06/2003.Customer has submitted PAN at the time of account opening. Scrutiny of the current a/c No. 200006404127 during the period from Féb 2015 to July 2015 revealed that, high value cash credits aggregating to Rs 5.05 crs are seen in the current a/c no.200006404127 and the proceeds, were immediately debited from the account throu....
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....titioner submitted that the petitioner is a Co-operative bank engaged in the business of banking under the Banking Regulation Act, 1949. 7. It was submitted that the assessee filed the return of income for A.Y. 2016-17 declaring total income of Rs. 51,77,340/-. The case of the petitioner was selected for scrutiny assessment and notices under sections 142 (1) and 143 (2) of the Act were issued from time-to-time by the Assessing Officer which were replied by the assessee giving all the requisite details called for and order under section 143 (3) of the Act dated 21.12.2018 was passed determining the total income of Rs. 5,26,00,104/- by making addition of Rs. 8,25,830/-. It was submitted that the petitioner being aggrieved, has preferred appe....
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....rt of his submissions wherein it is held as under: "6. Counsel for the Revenue however contended that in such return, the assessee had not disclosed the income of Rs. 33.97 lacs which the assessee-trust received in cash and deposited in a bank account. This assertion also is not borne out from the record. The assessce had from the outset been contending that the assessce's accounts are duly audited and such audited accounts are presented alongwith the return. This has been so asserted in the objections before the Assessing Officer as well as in the petition before us. Both times, the response of the Assessing Officer in the order disposing of the objections and the affidavit-in-reply filed in this petition is that the assessee's c....
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.... and they have operated the account by depositing cash. It was submitted that such deposit was immediately debited from the account through cheque, erroneous fund transfer and RTGS to the petitioner-Bank and it was therefore submitted that issuance of notice under section 148 of the Act in the facts of the case is not based on any change of opinion whereas it is based on relevant fresh information coming to the possession of the Assessing Officer and subsequently, on fresh perspective of the case, as the reopening is made within a period of four years, the proviso to section 147 of the Act would not be applicable to the facts of the case. 13. Learned advocate Mr. Sanghani therefore submitted that the assessee having alternative remedy to c....
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.... expenses debited to the P & L A/c with name and addresses of the parties, etc. being it is very bulky and voluminous. Needless to say, the assessee bank has no hesitation to provide the details of particular expenses, if viewed by you as not incurred for the business purposes of the bank. (18) As per the records of the bank, there is no mismatch between the income shown in the P & L A/c and reported in Form 26AS, which may please be noted." 15. From the above disclosure made by the petitioner, it is clear that the petitioner was also subject to the statutory audit by the NABARD. Thus, the petitioner-Bank who has carried out the normal banking transaction by depositing cash of the customers in its current account maintained with Indusind....