Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2018 (5) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (5) TMI 1387 - HC - Income TaxReopening of assessment - original return filed by the assessee was accepted without scrutiny - Held that:- AO had analyzed the voluminous material collected by the Revenue during the search operations in connection with Venus Group. This material prima facie suggested huge cash transactions in connection with sale of lands against the total declared sale consideration of ₹ 8.21 Crores [rounded off]. The material prima facie suggests that the total cash transactions of ₹ 33.24 Crores had taken place. The Revenue argues that the entires in Summary-sheet and Vouchers carried dates which were deliberately put 10 years backward to disguise and the figures were recorded by deleting two zeroes from the actual to avoid detection and co-relation. We are concerned with re-opening of the assessment that too in a case where the original return filed by the assessee was accepted without scrutiny, the material at the command of the AO is sufficient to permit the process of reopening. As held by the Supreme Court in the case of ACIT v. Rajesh Jhaveri Stock Brokers Private Limited [2007 (5) TMI 197 - SUPREME COURT] and Raymond Woolen Mills Limited [1997 (12) TMI 12 - SUPREME COURT] reason to believe cannot be equated with finally established fact that the income chargeable to tax having escaped assessment additions will invariably be made and further, sufficiency of reasons enabling the Assessing Officer to form such a belief would not be gone into. Decided against the assessee.
|