TaxTMI 
TaxTMI 
2025 (2) TMI 192
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....t. 2. Rule returnable forthwith. Learned Senior Standing Counsel Mr. V.K. Patel waives service of notice of Rule on behalf of the respondent. 3. By this petition under Article 226 of the Constitution of India, the petitioner has challenged the legality and validity of the notice dated 31st March, 2021 issued under Section 148 of the Income Tax Act, 1961 (for short 'The Act') for Assessment Year 2017-18. 4. The petitioner filed the return of income declaring total income of Rs. 49,39,570/- on 23rd October, 2017 for Assessment Year 2017-18. 5. It is the case of the petitioner that the respondent Assessing Officer selected the case of the petitioner for scrutiny assessment and issued the notice on 11th September, 2018 calling upon ....
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....f information it is noticed that during the year F.Y 2016-17 unexplained credit entry of Rs. 2,04,35,504/- 3. Analysis of information received: On perusal of information it is noticed that during the year F.Y 2016-17 relevant to A.Y. 2017-18 unexplained credit entry Rs. 2,04,35,504/-. The above referred details have not been called for by the AO and thus are not been examined by the AO nor such details are furnished by the assessee, therefore the income amounting to Rs 2,04,35,504/ escaping assessment. Therefore Rs. 2,04,35,504/- has escaped assessment within the meaning of section 147 of the IT Act. 4. Enquiries made by the AO as sequel to information collected/ received: In this case, specific information has been receiv....
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....ly and truly all necessary facts during the assessment proceedings. For aforesaid reasons, it is not a case of change of opinion by the AO. It is evident from the above facts as mentioned above, that the assessee had not truly and fully disclosed material facts necessary for his assessment for the year under consideration. On the basis of the above, I have reason to believe that income of the assessee has escaped assessment for the year under considerations. Therefore, I am satisfied that it is a fit case for initiating proceedings u/s 147 of the Act. 7. Paragraph will include escapement of income chargeable to tax in relation to any assets (including financial interest in any entity) located outside India: NA 8. ....
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....re on the part of the petitioner to disclose fully and truly all the material facts necessary for the assessment. 10. It was further contended that the respondent would not have assumed the jurisdiction to reopen the assessment. 11. The respondent Assessing Officer, by order dated 23rd March 2022, disposed of the objections. The petitioner therefore has preferred this petition challenging the impugned notice. 12. Learned advocate Mr. J.R. Dave for the petitioner submitted that the issue of cash deposit during demonetization period has already been considered during the course of regular assessment after thorough scrutiny and thereafter, addition is made in the Assessment Order passed under Section 143 (3) of the Act. It was therefo....
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....tion could be unearthed only after passing of the Assessment Order and as such, no interference is required to be made. 14. Considering the submissions made by the learned advocates for the respective parties and materials available on record, it is not in dispute that in the notice dated 18th November, 2019 issued under Section 142 (1) of the Act, during the course of the regular assessment, the petitioner was called upon to provide the source of cash deposit of Rs. 2.035 crore in the bank account, which was duly furnished by the petitioner. It is also not in dispute that after considering the details furnished by the petitioner, the addition of Rs. 1,57,500/- was made in the regular course in Assessment Order passed under section 143 (....