2023 (6) TMI 1456

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ecember 2015, rejecting the objections raised by Petitioner challenging the validity of the said notice. 2. The reasons for opening are as under: "The return of income in this case for A.Y. 2009-10 was e-filed by the assessee on 30.09.2009 declaring total income at Rs. NIL/. A search and survey action was carried out by investigation wing in the case of Shri Praveen Kumar Jain and his groups on 01.10.2013. The search action resulted into collection of evidences and other findings which conclusively proved that Shri Praveen Kumar Jain through a web of concerns run and operated by him, is engaged in providing accommodation entries of various nature like bogus unsecured loans, bogus share application and bogus sales (Purchase for the Benefi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... of Raymond Woollen Mills (1999) 236 ITR 34 (S.C) and rejected the objections of the Petitioner. 5. The criteria for reopening of assessment after a period of four years are no longer res integra in view of the judgement of this Court in the case of Ananta Landmark P. Ltd v Dy. CIT wherein this Court held that where assessment was not sought to be reopened on the 'reasonable belief' that income had escaped assessment on account of failure of assessee to disclose truly and fully all material facts that were necessary for computation of income, but was a case wherein assessment was sought to be reopened on account of 'change of opinion' of AO the reopening was not justified. It is also held that where primary facts necessary for assessment a....