TaxTMI 
TaxTMI 
2016 (5) TMI 1638
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....ed by the Assessing Officer and confirmed by the Ld. CIT(A) confirming to invoke the jurisdiction u/s 147 read with Section 151 of the Income Tax Act, 1961, are perverse to the provisions of law and to the facts of the case. 2. That the appellate orders passed by the Ld. CIT(A) confirming the legality and validity of the order passed by the Assessing Officer without the issuance and service of any notice u/s 143(2) is further wrong and illegal. 3. That the Ld. CIT(A) was further not justified and had erred in law to confirm the additions of Rs.2,00,000/- as alleged to be given to Sh. Mr. Deepak Bhardwaj, as loan by the appellant during the year, though Mr. Deepak Bhardwaj has denied for receiving any loan of Rs.2,00,000/- ....
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....t may please be deems fit and proper in the facts and to the circumstances of the case. It is prayed accordingly." 2. Briefly stated the facts of this case are : on the basis of a tax evasion petition received by the revenue to the effect that the assessee has advanced loan of Rs. 2,50,000/- to Shri Deepak Bhardwaj and Rs. 3,00,000/- to Shri Sanjay regarding which cases are pending before the Court of Mr. Manoj, ld. MM, Rohini, Delhi. After necessary approvals, notice u/s 148 of the Act was issued on 27.02.2009 and in response thereto, assessee along with Mr. B.K. Gupta, Advocate/AR attended the proceedings. Assessee was provided with reasons for reopening of the case who has filed objections. During the relevant assessment year....
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....ve that the income of the assessee has escaped assessment to assume the jurisdiction for reopening of the assessment u/s 147 / 148 of the Act. 7. To proceed further, we would like to peruse the reasons recorded by the AO in initiation of proceedings u/s 147 of the Act which are reproduced for ready reference as under : " Asstt. Year 2002-03 A perusal of the TEP received in this case reveals that the assessee has advanced loans to various persons in cash as well as in cheque and in some instances the assessee has received post dated cheques from persons to whom he advances loans. The copies of receipts given by persons who have taken loans from the assessee reveals that during the period relevant to assessment year 2002-03 the....
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....led Chhugamal Rajpal vs. S.P. Chaliha - (1971) 79 ITR 603 by returning the following findings :- "The Supreme Court was dealing with a case where the AO had received certain communications from the Commissioner of Income Tax showing that the alleged creditors of the Assessee were "name-lenders and the transactions are bogus." The AO came to the conclusion that there were reasons to believe that income of the Assessee had escaped assessment. The Supreme Court disagreed and observed that the AO "had not even come to a prima facie conclusion that the transactions to which he referred were not genuine transactions. He appeared to have had only a vague felling that they may be "bogus transactions." It was further explained by the Suprem....
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.... received by the Assessee on a single date i.e. 10th February 2003, from four entities which were termed as accommodation entries, which information was given to him by the Directorate of Investigation, the AO stated: "I have also perused various materials and report from Investigation Wing and on that basis it is evident that the assessee company has introduced its own unaccounted money in its bank account by way of above accommodation entries." The above conclusion is unhelpful in understanding whether the AO applied his mind to the materials that he talks about particularly since he did not describe what those materials were. Once the date on which the so called accommodation entries were provided is known, it would not have been difficu....
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....AO has merely proceeded to initiate proceedings u/s 147 of the Act on the basis of tax evasion petition that the assessee has provided loan of Rs.2,50,000/- and Rs.3,00,000/- to Mr. Deepak and Mr. Sanjay respectively; (ii) that the AO has merely forwarded the intimation contained in the tax evasion petition to the assessee without recording any reasons whatsoever; (iii) that the AO has not even came to prima facie conclusion that the alleged loan transaction between the assessee and Deepak and Sanjay were genuine transactions and as to what are the findings returned by the ld. Civil Court in the alleged suit filed by the assessee; (iv) that the AO has admittedly not recorded that he has reason to believe that the ....