2026 (7) TMI 516

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ent petition, the petitioner has prayed for quashing and setting aside the notice dated 30.03.2019 issued under Section 148 of the Income Tax Act, 1961 (for short "the Act"). 2. The Petitioner is a private limited company, filed its return of income for the Assessment Year (AY) 2012-13 on 28.09.2012 declaring total income of Rs.39,18,410/-, which was selected for scrutiny and the same was finalized under Section 143(3) of the Act on 25.02.2015 accepting the returned income. Thereafter, the respondent issued the impugned notice under section 148 of the Act dated 30.03.2019 reopening the assessment for the AY 2012-13. Reasons for reopening were also supplied to the petitioner on 22.08.2019. The petitioner vide letter dated 31.08.2019 raise....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....y on-money. It is submitted that no presumption can be cast upon the petitioner that only because a group concern is believed to have received on-money from buyers, the petitioner would also have received the same. It is therefore, submitted that there is no evidence whatsoever that the petitioner has received any on-money and, therefore, the reason to believe that the petitioner has received on money and to that extant income has escaped assessment is erroneous and invalid. It is further submitted that not only the incidence of evasion of taxation is completely presumed but also the quantification of the same is also assumed to be 50% of the accounted amount. It is submitted such assumption for quantification of escaped income is also illo....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....dings and hence, the assessee's contention that the department has believed that M/s. Skyline Enterprise has failed to disclose and offer income earned by it, is not true as it was not mentioned in the reasons recorded for reopening of the assessee. 7. Learned Senior Standing Counsel Mr. Patel has further submitted that during the course of survey proceedings in the case of the assessee on 30.08.2018, various incriminating documents were found and impounded and on perusal of the same, it was noticed that the sister concern of the assessee, i.e. M/s. Skyline Enterprise, which is also engaged in the business of real estate, has received cash on sale of residential/commercial buildings, which were not accounted in its books of accounts.....