Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2018 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (7) TMI 2180 - BOMBAY HIGH COURTReopening of assessment u/s 147 - re-assessment proceeds on information received from Deputy Director of Investigation - likehood of suspicious transactions - HELD THAT:- The information received from the Assistant Director of Income-Tax dated 24th March, 2017 referred to certain transactions as suspicious transactions and called upon the Assessing Officer to verify the transactions as there is a likelihood that income chargeable to tax has escaped assessment. The reasons in support of the impugned notice do not indicate any application of mind and/or further processing of the information to come to a reasonable belief that income chargeable to tax has escaped assessment. Infact, it proceeds on the basis that transactions are suspicious. The reasons also do not specify, prima-facie, the quantum of tax which has escaped assessment but merely states that it would be atleast be ₹ 1,00,000/-. Prima-facie, we are of the view that the reasons recorded do not indicate reasonable belief of the Assessing Officer himself to issue the impugned notice. Thus, prima-facie, the impugned notice is without jurisdiction. Accordingly, till the final disposal of this petition, there shall be interim stay of the impugned notice issued under Section 148 - Decided in favour of assessee.
|