TaxTMI 
TaxTMI 
2024 (9) TMI 215
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.... Article 226 of the Constitution of India, the petitioner has challenged the notice dated 28.03.2021 issued under Section 148 of the Income Tax Act, 1961 (for short 'the Act') for Assessment Year 2016-17. The reasons recorded by the Assessing Officer to re-opening the assessment are as under : "1. Brief details of the assessee : Assessee filed its return of income for AY 2016-17 on 13.07.2016 declaring total income of Rs. 56,54,590/- The case was selected for complete scrutiny under CASS and scrutiny assessment u/s. 143 (3) dated 30.12.2018 determining total income of Rs. 12,13,54,590/- after making the addition of Rs. 11,57,00,000/- on account of unsecured loans accepted during the year. 2. Brief details of information collected/ received by the A.O. : On perusal of the Audit Report in Form 3CD, as per Annexure 'L' of clause 24 (a), it is seen that the assessee company had accepted unsecured loan during the year from the following parties Sr.No. Name of the lender or depositor Permanent Account Number (if avallable with the assessee) of the lender or the depositor Amount of loan or deposit taken or accepted 1 Anshul Gems Pvt. L....
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....he material facts. It was contended that the impugned notice under Section 148 of the Act for alleged escapement of income of Rs. 11,87,79,500/- is grossly erroneous as the disputed unsecured loans amounting to Rs. 11,57,00,000/- has already been added to the total income in the original assessment order passed on 30th December, 2018 and CIT (Appeals) by order dated 10.02.2020 has deleted the entire addition made in the assessment order. It was further contended by the petitioner that the impugned notice is issued only to re-verify and re-examine the matter which was already considered in the original assessment by the then Assessing Officer. 5.2. The respondent-Assessing Officer, however, rejected the objections raised by the petitioner by order dated 09.02.2022 on the ground that there is a difference between what was added in the original assessment and what is found to be in escaped income to the tune of Rs.30,79,500/-. 5.3. Being aggrieved, the petitioner has preferred this petition. 6.1. Learned Senior Advocate Mr. Tushar Hemani for the petitioner submitted that the entire issue for re-opening being the unsecured loans was thoroughly scrutinised during the original a....
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....x Officer versus Techspan India Private Limited and Another reported in (2018) 404 ITR Page 10 (SC), more particularly paragraph No. 12 thereof, which reads as under : "12. Before interfering with the proposed re-opening of the assessment on the ground that the same is based only on a change in opinion, the court ought to verify whether the assessment earlier made has either expressly or by necessary implication expressed an opinion on a matter which is the basis of the alleged escapement of income that was taxable. If the assessment order is non-speaking, cryptic or perfunctory in nature, it may be difficult to attribute to the assessing officer any opinion on the questions that are raised in the proposed re-assessment proceedings. Every attempt to bring to tax, income that has escaped assessment, cannot be absorbed by judicial intervention on an assumed change of opinion even in cases where the order of assessment does not address itself to a given aspect sought to be examined in the re-assessment proceedings." 7.3. Referring to the above observation of the Hon'ble Apex Court, it was submitted that the Assessing Officer was having the jurisdiction to issue the notice ....
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....u Pali, Aer AACPD2513 20000000 No 20000000 11 Rama Exports 104, Jai Shree Harikrishna C AAQFR351 7500000 Yes 7500000 12 Royal Refinery Pvt. Ltd. 3-E, Trishla Premises Co-op AAFCR7596 19000000 Yes 19000000 13 Uttam Gems Pvt. Ltd. Office no.15, Upper Ground AABCU567 5000000 Yes 5000000 14 Veena Gems Surat 500000 Yes 500000 6.2 On yet further examination of the details filed, in this respect, it was noticed that out of the 14 alleged lenders, PAN number for two entities are hot even quoted in the report. Further, except in one case of Shri Rajen Vasant Dhruv in all other cases loans are squared off by the end of the year. Further from the addresses mentioned it is seen that there are multiple entities operating from same office address. In case of M/S Kushal Export and M/S Veena Gems no addresses are given in the report. Further, no interest is charged by these parties. Assesse has received interest free loans from these parties." 9. From the above details, it is clear that the contention of learned Senior Standing Counsel Mr. Karan Sanghani that the re-opening is made fo....