TaxTMI 
TaxTMI 
2026 (9) TMI 265
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....sued by the Assessing Officer (hereinafter referred to as 'AO') under Section 147/148 of the Income Tax Act, 1961 (hereinafter referred to as 'the Act of 1961') for the Assessment Year 2014-15. The brief facts leading to issuance of impugned notice are that the petitioner filed his regular return of income on 06.09.2014 and his assessment under Section 143(3) of the Act of 1961 was made on 16.12.2016. 2. As an ancillary but relevant fact, it may noted that during the course of assessment proceedings, the AO had issued various questionnaires and called for books of accounts, including the petitioner's bank account/statements, as can be seen from page No. 75 and having satisfied himself about the correctness, he accepted petitioner's retur....
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....ssessment; examined each aspect of the matter; issued detailed questionnaires; examined books of account as well as the petitioner's bank accounts; therefore, merely on the basis of information received on insight portal, which only gives details of cash deposits in bank account, the petitioner's completed assessment cannot be re-opened, more particularly when the assessment was under Section 143(3) of the Act of 1961 had been completed. 7. Inviting the Court's attention towards the reasons recorded, learned counsel submitted that the AO has not made even a whisper about the previous assessment which was made under Section 143(3) of the Act of 1961, perhaps to misguide the higher officer, by not disclosing that an assessment had already ....
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.... under Section 148 of the Act of 1961 or that the same amounts to change of opinion. He argued that while framing the assessment under Section 143(3) of the Act of 1961, if particular aspect of the matter has not been examined, the AO can well initiate proceedings under Section 148 of the Act of 1961 and bring the escaped income to tax. Learned counsel further argued that the fact that the petitioner had made huge cash deposits in his bank account shows that there was an escapement of income and thus, the initiation of proceedings under Section 148 of the Act of 1961 was justified. 10. Heard learned counsel for the parties and perused the records. 11. There is no denial of the fact that on 16.12.2016, the petitioner's assessment had b....
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....l) is nothing more than an intimation about the cash which the petitioner had allegedly deposited in his bank account. 15. In the light of the judgment of this Court in the case of Chetan Sabharwal (supra), Mr. Menon's arguments that the AO can examine that aspect of the transaction, which was not examined by the AO during the regular assessment proceedings is erroneous in law and liable to be rejected. We are of the considered opinion that the fact that huge cash amount was deposited in the bank and corresponding RTGS was simultaneously made, is a striking feature and an apparent abnormality. It does not require any rocket science to understand such cash deposits and withdrawals, nor does it require some forensic skill to say that impor....
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....lure on the part of the assessee to disclose fully and truly all material facts necessary for his assessment. 20. According to us, during the course of assessment proceedings under Section 143(3) of the Act of 1961, the assessee had produced the statement of bank account and therefore, it cannot be said that there has been any failure on the part of the assessee to disclose fully and truly all the material facts necessary for the assessment. 21. So far as details of bank account is concerned, the same were very much available with the AO when the return was filed and the bank statement was made available during the course of assessment under Section 143 of the Act of 1961. Therefore, the very basis or reason for which the reassessment....