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2019 (2) TMI 1281 - BOMBAY HIGH COURTUnexplained cash credit - bogus claim of share application money - HELD THAT:- No merits in any of the contentions of the petitioner. Firstly, as noted, merely because the AO had examined the transactions during the original assessment proceedings, would not preclude him from subsequent inquiry it is shown on the strength of additional material establishing prime-facie that the disclosures made by the assessee were not true. If the entire claim is bogus and so established to be, the assessee would fail the test of true and full disclosure. Requirement of true and full disclosure runs through the entire assessment and it does not end on filing of return. Action against Shirish C, Shah provided certain information which was also processed by the AO before forming the belief that income chargeable to tax had escaped assessment. The entire reasons when read as a whole, more than sufficiently demonstrate the belief of the Assessing Officer that the entire assessment goes on bogus claim of share application money having been received by the assessee company. Therefore, lack of true disclosures is writ large on the face of the reasons. Mere non recitation of such expression would not invalidate the reasons or the fact that the reasons are based on allegations of lack of true and full particulars. AO had issued notice to Prabhav Industries under Section 133(6) of the Act which was replied and had not remained unreplied as suggested in the reasons. Firstly, this aspect has emerged in the rejoinder. Secondly, at this stage, in a writ jurisdiction, we would not entertain such disputed question since it is well settled that sufficiency of the reasons at the end of the Assessing Officer to form a belief that the income chargeable to tax had escaped assessment would not be within the purview of examination of writ court at this stage.
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