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2022 (9) TMI 1096 - AT - Income TaxReopening of assessment u/s 147 - reliance on seized material belonging to, pertaining to relating to the group companies - HELD THAT:- Reasons do not disclose that any material belonging, pertaining relating to the assessee says that during the search proceedings in the case of M/s Kapil consultancy services private Ltd. There is no expiration forthcoming from the assessee as to how the case on hand is different either in fact or law from the ones in the case of group companies. Apart from this, the reasons recorded by AO in this matter, as could be found at paragraph No. 3 of the assessment order, do not reveal any information gathered at the time of the sec. since the proceedings in the case of M/s Kapil consultancy services private Ltd nor any reference to the sec, since the proceedings in the case of M/s Kapil consultancy Pvt. Ltd to be found therein. The reopening in this matter has nothing to do with the search and seizure proceedings in the case of M/s Kapil consultancy Pvt. Ltd. Merely because they happen to be certain search action against M/s Kapil consultancy services Pvt. Ltd, it need not ipso facto be inferred that the present reopening proceedings have something to do with such search action. The reopening in this matter is altogether independent, as could be gathered from the reasons recorded in this matter, and therefore, the non obstante cause has no obligation to the facts of the case. We accordingly hold that the learned AO had rightly initiated the proceedings u/s 147 by issuing notice under section 148 - Ground No. 2 is accordingly dismissed. Addition relating to the notional interest on redeemable debentures - Since there is no change in facts or law, while respectfully following the view taken in the case of group companies [2022 (3) TMI 1422 - ITAT HYDERABAD] we set aside the findings of the authorities below and restore the issue to the file of the learned Assessing Officer to verify the fact relating to the debentures the scheme and also whether the assessee received and credited any such interest in their books in the relevant previous year. This ground is allowed for statistical purpose.
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