TMI Blog2006 (1) TMI 47X X X X Extracts X X X X X X X X Extracts X X X X ..... ing reliefs : (a) issue a suitable writ, order or direction in the nature of writ of certiorari, calling for the records and quashing the impugned notice dated March 28, 2005 (annexure IV to the writ petition), issued by the respondent. (b) issue a writ, order or direction in the nature of prohibition restraining the respondent from proceedings any further action with the reassessment of the income of petitioner in response to the notice dated March 28, 2005 (annexure IV to the writ petition), for the assessment year 1998-99. (c) issue any other writ, order or direction as this hon'ble court may deem fit and proper in the petition against the respondents. (d) award the costs of the petition to the petitioner. 3 The facts giving ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... x-1, Agra, has recorded the following reasons for reopening the assessment Reason to believe Shri Shyarn Bansal, 1-2, State Bank Colony, Bhadawar House, Agra. Assessment year 1998-99 "As per enquiries made by the D.I. (Investigation) Wing, Unit Agra, the assessee has taken fictitious entry of long-term gain as per details given below :— Sl. No. Name of broker Bank a/c of broker Name address of the beneficiary Beneficiary bank a/c No. Amount ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Shyam Bansal, 1-2, State Bank Colony, Bhadawar House, Agra Canara Bank, MG. Road , Agra CCA - 1/94 4,99,250 9-1-98 14-1-98 Long- term capital gain 6. Ashok Gupta Co., Delhi Bank of India , Asaf Ali Road , Delhi Shri Shyam Bansal, 1-2, State Bank Colony, Bhadawar House, Agra Canara Bank, MG. Road , Agra CCA - 1/94 1,99,700 13-1-98 21-1-98 Long- term capital gain 7. Ashok Gupta Co., Delhi Bank of India , Asaf Ali Road , Delhi Shri Shyam Bansal, 1-2, State Bank Colony, Bhadawar House, Agra Canara Bank, MG. Road , Agra CCA - 1/94 5,48,6 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nara Bank, MG. Road , Agra CCA - 1/94 6,46,245 25-3-98 27-3-98 Long- term capital gain 60,11,461 The fictitious entry of long-term capital gain as mentioned above has been introduced by the assessee in his books of account claiming that it represents the sale proceeds of the shares as mentioned above. The unaccounted money generated by the assessee has been introduced in the garb of sale proceeds of the aforesaid share. In a large number of assessees it is found that they have surrendered the entries and paid taxes also before the respective officers of their jurisdiction. Therefore, I have reason to believe that the in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the course of assessment proceed in It was submitted that the petitioner has not concealed any income from the department and as such the yew issuance of notice under section 148 of the Act is wholly without jurisdiction 6 We have given careful consideration to the above submissions of learned counsel for the petitioner From a bare perusal of the reasons recorded by the authority Concerned we find that D. I. (Investigation) Wing, Unit Agra, has collected some material from the broker, namely, Ashok Gupta and Co., Delhi. The concerned authority is of the prima facie view that fictitious entry of long-term capital gain as mentioned in the reasons has been introduced in his books of account claiming that it represents sale proceeds of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere it shall be deemed that income chargeable to tax has escaped assessment. Clause (b) to Explanation 2 of section 147 provides that where a return of income has been furnished by the assessee but no assessment has been made and it is noticed by the Assessing Officer that the assessee has understated the income or has claimed excessive loss, deduction, allowance or relief in the return, it is one of the cases of deemed escapement of assessment. Therefore, the argument that the petitioner made all disclosures in the assessment proceeding regarding the income from the sale of shares by long- term capital gains is of little consequence as the Assessing Officer has failed to examine the same. 10 The case relied upon by learned counsel ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
