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2017 (1) TMI 1040 - HC - Income TaxReopening of assessment - Held that:- In the present case on receipt of information that, a suspicious transaction of ₹ 2.20 crores had happened in respect of the account of the assessee for the relevant financial year, the assessing officer had undertaken the exercise of issuance of notice under Section 148 of the Act of 1961. It appears from the material made available on record that, the assessing officer had applied his mind to the materials placed before him before issuance of the notice under Section 148. He was informed of a suspicious transaction which had resulted in a sum of ₹ 2.20 crores approximately coming into the account of the assessee by way of diverse transactions. On basis of such information, he had applied his mind and formed an opinion that he should undertake an exercise under Section 148. He has explained his stand after the objections were raised on behalf of the assessee. In the order dated August 5, 2016 while disposing of the objections the assessing officer has stated that, during the verification of a report of suspicious transaction, it was found that, huge unaccounted cash deposit made in the bank account of individual person of a concerned bank and the deposited cash of such bank account was finally transferred by issued cheque routed through various companies to the assessee and other beneficiaries during relevant financial year. In such circumstances, he finds that, the assessee had received a fund of ₹ 2.20 crores from sources which were not found to be disclosed. The assessing officer has given reasons for the invocation of Section 148. He has disclosed the foundational basis for doing so. The basis cannot be wished away as mere surmise. He is not required to have conclusive proof at the stage of Section 148.
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