TaxTMI 
TaxTMI 
2024 (9) TMI 969
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....cate Mr. B. S. Soparkar for the petitioner and learned advocate Ms. Maithili Mehta for the respondent. [2] Rule returnable forthwith. Learned advocate Ms. Maithili Mehta waives service of notice of Rule for the respondent. [3] By these petitions, the petitioner has challenged the notices dated 30th March 2021 / 31st March 2021 issued under Section 148 of the Income Tax Act, 1961 (for short, "the Act") by the respondent - Assessing Officer seeking to reopen the completed assessment for the Assessment Years 2014-15, 2015-16 and 2016-17. [4] The brief facts of the case are that the petitioner is a company registered under the Companies Act, 1956 and is assessed to tax regularly. The petitioner filed its return of income for the Assess....
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....on received on account of search conducted at the premises of one Mr. Hitesh Jain under Section 132 of the Act on 23rd May 2017. On the basis of the statement of Mr. Hitesh Jain, it was found that he was doing activity of providing accommodation entries to the various beneficiaries with the help of approximately 39 shell / papers concerns and they do not exist on the address provided and the petitioner was one of the beneficiaries. [4.5] The petitioner thereupon filed return of income and copies of reasons recorded were provided by the respondent - Assessing Officer. The petitioner raised various objections and requested the respondent to drop the proceedings. The said objections were disposed of by the respondent rejecting the same. ....
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....ssee. [5.4] From the facts available on record, the petitioner - assessee for the three assessment years under consideration has paid tax on book profit and even if the alleged escaped income would be made, then there would be no difference in the tax liability of the petitioner as per the provisions under Section 115JB of the Act. The respondent - Assessing Officer has formed "reason to believe" with regard to escapement of income for the Assessment Years as under: Sr. No. Assessment Years Escapement of Income (In Rs.) As against Amount of book profit (In Rs.) 1 2014-15 3,73,87,791/- 8,14,16667/- 2 2015-16 1,66,00,822/- 109,32,88,012/- 3 2016-17 2,14,26,708/- 173,54,38,817/- [6] Learned....
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....e same requires to be brought to the tax. Thus, the aforesaid information was not available at the time when the original assessment proceedings was concluded and therefore, on the basis of the said new information, the Assessing Officer has perfectly justified in assumption of jurisdiction under Section 148 of the Act and hence, no interference is called for. [6.2] Learned advocate Ms. Mehta further submitted that relying upon the Explanation 3 of Section 147 of the Act, a contention was raised that the acceptance of income under Section 115JB of the Act has nothing to do with reopening of assessment and thereby, issuance of notice under Section 148 of the Act is perfectly justified upon the reasons recorded based on the information rec....