2026 (8) TMI 211

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....ed 28.03.2019. 2. The petitioner filed original return of income of Assessment Year (AY) 2012-13 on 28.09.2012 disclosing income at Rs. 20,15,440/-. Scrutiny was undertaken and the assessment order under section 143(3) of the Act was passed on 09.12.2014 determining total income at Rs. 20,15,440/-. Thereafter, the respondent issued the impugned notice under section 148 of the Act dated 28.03.2019 reopening the assessment for the AY 2012-13. Reasons for reopening were supplied vide letter dated 02.05.2019. The assessee raised various objections on merits and requested the respondent to drop the reassessment proceedings vide letters dated 04.12.2019 and 06.12.2019. Thereafter, vide letter dated 11.12.2019 the respondent disposed of the obj....

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....ome. He has submitted that the assessee has paid M/s. Manibhadra Textile Company for the purchase of cotton and thus, the assessee is having long business transactions with M/s. Manibhadra Textile Company and in such business relations, the payment has been made. Thus, it is urged that the present writ petition may be allowed. 5. Opposing the present writ petition and the submissions advanced by the learned advocate appearing for the petitioner, learned Senior Standing Counsel Mr. Patel appearing for the respondent has submitted that as far as failure to disclose fully and truly all material facts is concerned, as per the information M/s. Manibhadra Textile Company does not have any creditworthiness to receive huge funds, furthermore, th....

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....ct was issued on 28.03.2019, seeking reopening of the assessment. The reopening is premised on the investigation report of ADIT (Inv.), raising suspicion about the cash withdrawal done by the assessee of M/s. Manibhadra Textile Company i.e. proprietorship firm of Shri Bhavesh Sureshchandra Shah. It is alleged that on verification of the bank account statements of M/s. Manibhadra Textile Company, it has been noticed that it has received credits from three concerns including the petitioner, and thereafter, Shri Bhavesh Shah had withdrawn the amount through self-cheque and cash. Thus, it is alleged that the petitioner, who deposited an amount of Rs. 95,26,354/- in the bank account of M/s. Manibhadra Textile Company, which is of high-value tran....