TaxTMI 
TaxTMI 
2025 (4) TMI 2054
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....he Act") for AY 2012-13. 2. Shri S. K. Sarangi, CA represented on behalf of the assessee and Shri S. C. Mohanty, Sr. DR appeared on behalf of the revenue. 3. It was submitted by the Ld. AR that the original assessment in the case of the assessee came to be completed on 30.03.2015. It was the submission that subsequently notice u/s. 148 came to be issued and an assessment order came to be passed on 09.11.2017. The said notice u/s. 148 issued on 29.03.2017 was a subject matter of Writ Petition before the Hon'ble jurisdictional High Court at Cuttack in WP(C) No. 25229 of 2017. The same was disposed of by an order dated 15.02.2022 quashing the said notice u/s. 148 on the ground that the reopening was on a change of opinion. It was a submi....
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....ent proceeding and the impugned assessment year is AY 2012-13 and the reopening is beyond four years being vide a notice dated 27.03.2019 and the reasons recorded by the Assessing Officer does not mention that there is any failure on the part of the assessee truly and fully disclosed all material facts required for this assessment. It was the submission that both on account change of opinion and on account of the failure to comply with the proviso to section 147 the notice issued u/s. 148 is liable to be quashed. 6. In reply, the Ld. Sr. DR vehemently supported the orders of the lower authorities and submitted that the information that has been received by the office of the Assessing Officer has led to the reopening of the assessment. It....
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....ly and fully all material facts for the purpose of assessment. This being so, as it is noticed that the reasons recorded by the Assessing Officer is merely on a change of opinion. So far as the issue of the share application money is concerned that has already been considered in the original assessment as evidenced by the order sheet entry records and the impugned reasons recorded does not contain any whisper in respect of the failure on the part of the assessee to disclose truly and fully all material facts required for the assessee's issue. As also, in so far as in the course of the original assessment, in the course of verification, the assessee has produced all the evidence and the same have already been considered in assessment order, ....
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....g on paper only. The cash trail of the transaction gives the following pictures. Date Name of the parties Amount in Rs. 15/03/2012 Mangalrasi Agencies (P) Ltd 50,00,000/- 16/03/2012 Mangalrasi Agencies (P) Ltd 25,00,000/- Date Name of the parties Amount in Rs. 15/03/2012 Topflow Trading (P) Ltd- 50,00,000/- Note: If digitally signed, the date of digital signature may be taken as date of document. so BHUBANESWAR, Orissa, 751007 Email: [email protected], le Notice/Letter/Order No. mentioned above may be treated as DIN for the purpose of procedure for Issuance of Income Tax Notice saribed by Circular No.19/2019 dt. 14 August 2019. 16/03/2012 Mangalrasi Agencies (P) Ltd 25,00,000/- Date Name of the parties Am....
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....ally to the beneficiaries. From the above transactions of money trail it is seen that the assessee has received Rs. 60,00,000/- during the FY 2011-12 relevant to AY 2012-13 from the above company through some intermediaries. During the course of investigation by the investigating authorities, the creditor i.e M/s Vista Realcom (P) Ltd neither appeared nor furnished evidence in support of source of funds deposited in its bank accounts. Thus, nature and genuineness of transaction could not be proved. Further, as the creditor i.e Vista Dealcom (P) Ltd is now a struck off company, creditworthiness of the same may not be believed to be proved unless the same is established by the assessee. In view of the above, it is believed that Rs. 1,10,00,00....