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M/s Jasani Realty Pvt. Ltd. Versus Deputy Commissioner of Income Tax, Mumbai

Reopening of assessment - reasons to believe - Held that:- Assessing Officer has come to a reasonable belief that the revenue expenses of ₹ 40 lakhs were non genuine resulting in income chargeable to tax escaping assessment. Thus the recorded reasons do indicate the Assessing Officer due application of mind to the information received from him to form a reasonable belief that income chargeable to tax has escaped assessment. Moreover, we do not find that reasons recorded proceed on mere sus .....

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tax has escaped assessment. At the stage of a challenge to a reopening notice issued under Section 148 of the Act, this Court is not concerned with the sufficiency of the reasons nor the correctness of the reasons (Raymond Woollen Mills V/s. ITO - 1997 (12) TMI 12 - SUPREME Court). However, we find that reasons do indicate a basis for the Assessing Officer to come to a reasonable belief on the basis of the information received that income chargeable to tax has escaped assessment. Thus we see no .....

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reopen the assessment for A.Y. 2011-12. 2. The reasons in support of the impugned notice read as under: - In this case, assessment under Section 143(3) of the Income Tax Act was completed on 24.03.2014 assessing Total Income at ₹ 22,17,85,465/- against the returned income ₹ 22,14,57,470/. Subsequently, information has been received from the office of ITO, Ward - 1(1) (4), Baroda, regarding claim of expenses of Rs,40,00,00,000/- by the assessee in the A.Y. 2011-12. The said expense w .....

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e authenticity of this transaction and the claim of revenue expense amounting to ₹ 40,00,00,000/- are seen to be nongenuine in nature. In view of the same, I have reason to believe that income chargeable to tax amounting to ₹ 40,00,00,000/- as aforesaid has escaped assessment for A.Y. 2011-12 in term of Section 147 of the Income Tax Act, 1961, and the same is required to be brought to tax as well as any other income which may be found to have escaped assessment as per Explanation 3 t .....

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