TaxTMI 
TaxTMI 
2024 (12) TMI 1171
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....t"] arising from the assessment order dated 21.12.2019 passed u/s 143(3) r.w.s 147 of the Act pertaining to assessment year 2012-13. 2. As per the grounds of appeal, the assessee had raised legal contentions towards jurisdictional defect in assumption of jurisdiction under s. 147 of the Act as well as additions on merits. 3. When the matter was called for hearing, the Ld. Counsel for the assessee straightway adverted to the reasons recorded and approval granted under s. 151 thereon which is the edifice for issuance of notice under s. 148 of the Act and assumption of jurisdiction under s. 147 of the Act. 4. The reasons recorded and approval granted thereon are reproduced as under:- "Information in this case received from th....
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....r of Income Tax is extracted hereunder:- 1. Name and address of the assessee Sh.Prem Pal Bhayana 47, Ambika Vihar, New Delhi-110087. 2. PAN/GIR No. AEQPB1829Q 3. Status Individual 4. District/Circle Ward-41(2), New Delhi 5. Assessment year in respect of which is it proposed to issue notice u/s 148 A.Y.2012-13 6. The quantum of income which has escaped assessment Rs.10,00,000/-[Subjected to variation in assessment proceedings] 7. Whether the provisions of section 147 applicable Yes 8. Whether the assessment is proposed to be made for the first time. FI the reply is in affirmative, please state: 1. Whether any voluntary return has already been filed; and 2. If so, the ....
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.... qua FY 2013-14 relevant to AY 2014-15 towards escapement of chargeable income. Thus, the reasons recorded cannot be used for AY 2012-13 in question. The whole action based on such belief thus is a damp squib. 7. The Ld. Counsel for the assessee next submitted that the Ld.Pr.CIT has recorded his satisfaction that it is a fit case for issuance of notice without application of mind. As can be seen, the reasons recorded do not reveal nature of information which may provide the basis for re-opening the assessment in an objective manner. Despite such inherently vague and non-descript reasons, the Ld.Pr. CIT has merely recorded his satisfaction. Such satisfaction has no standing in the eyes of law. Secondly, apart from vague and non-descript r....
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....us the entire foundation of holding the reason to believe has crumbled at the threshold. Besides, it is also noticed that the AO has made reference to certain information received from Investigation Wing based on search and seizure action carried out in ASL Group. However, the reference made to such information is non-descript and cryptic. The reasons recorded are shorn of any particulars of information whatsoever. The vague reasons cannot be the basis for assumption of jurisdiction under s. 147 of the Act as held in long line of precedents including; * PCIT vs Meenakshi Overseas Pvt.Ltd. 2017 (5) TMI 1428-Delhi High Court dated 26.05.2017; * Hindustan Lever Ltd. vs RB Wadkar, ACIT & Others (No.1), 2004 (2) TMI 41-Bombay h....