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2022 (5) TMI 283 - HC - Income TaxReopening of assessment u/s 147 - doubtful transactions of foreign remittances - Absence of opportunity given to explain the transaction - HELD THAT:- The first and the foremost thing we take notice of is that whatever has been explained by Mr. Bhatt on the basis of the three documents does not figure in the reasons assigned by the Assessing Officer. Therefore, in such circumstances, the writ applicant could be said to have had no opportunity to offer its explanation as regards the transactions which Mr. Bhatt is talking about. The reasons assigned by AO are altogether on a different footing. The writ applicant in its own way has tried to explain while putting forward its objections, however, we do not find any meaningful discussion in the order disposing of the objections. In fact, none of the objections raised by the writ applicant could be said to have been taken into consideration by the Assessing Officer in a meaningful manner. We want the Assessing Officer to undertake a fresh exercise for the purpose of looking into and understanding the objections raised by the writ applicant. We are of the view that the writ applicant should be given an opportunity to even meet with what has been pointed today to us by Mr. Bhatt i.e. the transactions between M/s. Siddhi Cooperative Bank Limited, Mili Corporation and also Yashoda Enterprises and in turn with Shimmer Exim Private Limited and in turn the transactions with Shimmer Exim Private Limited undertook with the ICICI Bank Limited. If what has been pointed out by the Revenue is also to be considered as a part of the reasons, then the writ applicant must be afforded an opportunity to offer its explanation. We are not asking the Assessing Officer to furnish fresh set of reasons. Mr. Soparkar has been able to understand what has been conveyed to us by Mr. Bhatt. We leave it for the writ applicant to raise its objections even with regard to the three documents, which have been placed on record. We quash and set aside the order passed by the Assessing Officer disposing of the objections. We remit the matter to the Assessing Officer for fresh consideration of all the objections, which have been raised by the writ applicant and / or on record and we also want the Assessing Officer to consider the objections that may be offered by the writ applicant with respect to the materials which has been brought to our notice today by the Revenue.
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