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2022 (9) TMI 982 - GUJARAT HIGH COURTReopening of assessment u/s 147 - unexplained and undisclosed fund receipts - Issue of notice where income has escaped assessment - Applicability of provisions u/s 148A - HELD THAT:- It is clear that that for the purpose of Section 148A, the information with the Assessing Officer which suggests that the income chargeable to tax has escaped assessment means any information flagged in the case of the assessee for the relevant assessment year in accordance with the risk management strategy formulated by the Board from time to time. In the facts of the case, the information is available with AO as per related information details on record containing the Investigation Report in case of one Shiv Shakti Trading Company wherein the DDIT, (Investigation), Unit-3(3), Kolkata has given details with regard to the accommodation entry given by the said Shiv Shakti Trading Company, who is stated to have received unexplained and undisclosed fund for more than Rs.37 crores for the assessment year 2015-16, which in turn has been given to Talland Data Soft Private Limited and other entities and the assessee has also received the fund from the said Talland Data Soft Private Limited as can be seen from the Entry Nos.21 and 22 of the list of the beneficiaries of the account of Talland Data Soft Private Limited available at the Page No.139 of the petition. It is apparent that the information relevant for the assessment year in accordance with the Risk Management Strategy formulated by the Board from time to time is available and therefore we are of the opinion that Assessing Officer has rightly issued the notice by rejecting the objections of the assessee by referring to such information and considering the same in detail, the impugned order passed under Section 148A(d) of the Act is passed giving cogent reasons for rejecting the objections of the assessee in accordance with the provisions of the Act. Assessing Officer has rightly treated the case to be a fit case for exercising powers of reopening of assessment. The provisions under Section 148A of the Act are duly noted and necessary conditions are satisfied which has resulted into impugned notice under Section 148 of the Act. Assessee appeal dismissed.
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