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2023 (7) TMI 34 - BOMBAY HIGH COURTReopening of assessment u/s 147 - reasons to believe - failure on the part of the Petitioner to furnish bank account statements pertaining to Avash Logistic bearing Account with M/s YES Bank Ltd., in which transactions were made reflecting payments made to Mr. Vasudev Thacker and his son which according to the assessing officer had resulted in under assessment of the Petitioner's taxable income - HELD THAT:- It cannot be said that there was any failure on the part of the Petitioner to disclose fully and truly the material facts during the regular assessment. Even otherwise, we are of the opinion that the assessing officer would have no reason for the formation of his belief that income had escaped assessment inasmuch as payments were made by the joint venture companies to Mr. Vasudev Thacker and to Mr. Nishant Thacker and reopening if at all ought to have been considered in those cases. There was no tangible material with the assessing officer, which would form a basis for the assessing officer for his 'reason to believe' that payments made to Mr. Vasudev Thacker as also to his son Mr. Nishant Thacker resulted in generation of cash, which ultimately found its way to the Petitioner. In the absence of any such specific information, which ought to have been reflected in the reasons recorded, it can be said that the jurisdictional requirements have not been fulfilled in the present case. While it may be true that as against the alleged payment of Rs. 153 crores paid to Mr. Vasudev Thacker, he admitted to have received only amount of Rs. 130 crores, which led to a disclosure by the Petitioner to the extent of Rs. 23 crores, yet the same cannot be made a basis for reopening. It needs to be pointed out that it is not the case of the Respondent-revenue that the entire amount, which had been received by Mr. Vasudev Thacker as also Mr. Nishant Thacker was never used for purchase of parcels of land for establishing the project, for which Special Purpose Vehicle companies were created. If that is so, one fails to understand as to why only four entries recorded in the reasons recorded, were picked up by the AO. Decided in favour of assessee.
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