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2019 (8) TMI 460 - HC - Income TaxReopening of assessment u/s 147 - Addition u/s 68 - return processed u/s 143(1) - HELD THAT:- During the course of assessment of AY 2013-2014, the AO noticed that the assessee had received loan of ₹ 10.27 crores (rounded off) from various firms and companies in AY 2012-13. Notices u/s 133(6) were issued to such firms also, which were returned back or were not responded to. The assessee also did not submit his reply in connection with the said loans of ₹ 10.27 crores. AO had verified the return of the income of the assessee for the said Assessment Year 2012-2013 and found that the assessee had disclosed having received unsecured loans of ₹ 10.27 crores. According to the AO, this would show that the assessee had received unexplained cash credit of ₹ 10.27 crores in terms of section 68. He, therefore, had reason to believe that the income chargeable to tax had escaped assessment. We do not find that the reasons recorded by the AO are such that it can be stated that the reasons lacked validity. The learned Counsel for the petitioner however submitted that the petitioner had made full disclosures about such unsecured loans and in any case, the assessment for the Assessment Year 2013-2014 is not yet final, the assessee had filed appeal which is pending. Neither of these two grounds permit us to quash the impugned notice of reassessment. Mere disclosure of receipt of unsecured loans would not be sufficient to avoid reassessment in case where the return was accepted without scrutiny. Further, the Assessing Officer has only referred to the assessment of the subsequent Assessment Year to demonstrate the nature of unsecured loans received by the assessee. There is no provision which would require him to await finality of such assessment before issuing the notice of reassessment. - Decided against assessee.
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