TaxTMI 
TaxTMI 
2024 (10) TMI 189
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....2011-12. 2. Mr. Krishnan, learned counsel appearing for the petitioner has assailed the impugned notice on essentially two fronts. First, he submitted that there was no reason to believe that income of the petitioner had escaped assessment as all material, on the basis of which the assessment is sought to be reopened, was examined in assessment proceedings for the previous assessment year - Assessment Year 2010-11. He submits that the Assessing Officer (hereafter AO) has issued the impugned notice to tax the income represented by sales, which were substantially taxed in the earlier assessment year (AY 2010-11). He contends that the petitioner had shown the sale advances received by the petitioner from various purchasers in the earlier asse....
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....rd was forwarded to the AO. During the search and seizure proceedings and thereafter, statements of certain persons connected with the M/s Spaze Group were recorded under Section 131 (1A) of the Act. The same also included statement of one Mr. Anand Singh who was ostensibly the proprietor of M/s JMD International. He stated that he was an electrician and received a remuneration of Rs.6,000/- per month. He made statements to the effect that he had signed blank cheques in his capacity of proprietor of M/s JMD International and he was not in control of the said concern. He had stated that he had no knowledge of any godown or office of the said concern (M/s JMD International). According to his statement, one Sh. Kishori Sharan Goyal was the per....
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....e ledger account maintained by the petitioner indicates that certain amounts were received from M/s JMD International in the financial year 2010-11 (relevant to Assessment Year 2011-12). According to the learned counsel for the petitioner only a sum of Rs.5,00,000/- was received during the said financial year. It is not necessary for this Court to examine the quantum of receipts during the previous year 2010-11 (relevant to AY 2011-12) in these proceedings. Suffice it is to state that, prima facie, all receipts received from M/s JMD International Ltd. were not taxed in Assessment Year 2010-11. Thus, notwithstanding that the petitioner's income chargeable to tax was assessed in Assessment Year 2010-11, prima facie, certain amounts, which wer....