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OMKARESHWAR EMBROIDERIES PVT LTD Versus INCOME TAX OFFICER - WARD - 2 (1) (4)

Reopening of assessment - reasons to believe - receipt of accommodation entries - Assessee's return was accepted without scrutiny - 148 notice issued - Held that:- If AO had reasons to believe that income chargeable to tax had escaped assessment, it would be open for him to re-open assessment by recording proper reasons and issuing notice. Since the original assessment was without scrutiny, the question of change of opinion would not arise. At the stage of issue of notice, what is required is r .....

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his is not a case for quashing notice for re-opening. Merely because the order disposing of objections raised by assessee does not satisfy the assessee, would not be a ground to invalidate notice for re-opening - Decided against assessee. - SPECIAL CIVIL APPLICATION NO. 4590 of 2016 - Dated:- 28-6-2016 - MR. AKIL KURESHI AND MR. A.J. SHASTRI, JJ. FOR THE PETITIONER : MR MANISH J SHAH, ADVOCATE FOR THE RESPONDENT : MR SUDHIR M MEHTA, ADVOCATE ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE AKIL KURESH .....

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ssessment, the Assessing Officer issued the impugned notice. Before issuing notice, he had recorded following reasons: In this case information was received from DGIT, Mumbai that Shri Praveen Kumar Jain, Hawala Entry Operator had stated on oath that he had provided accommodation entry to many companies. On scrutiny of list of companies, it is noticed that assessee company has received two accommodation entries of ₹ 10,00,000/- from Alka Diamond Ind.Ltd. (PAN:AAACA5236D) and ₹ 10,00, .....

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see to disclose true facts of income, hence it is a fit case for re-opening under section 147 of the I.T.Act, the notice under section 148 is issued after obtaining satisfaction under section 151 of the I.T.Act, 1961 by the competent authority vide No. SRT/JT.CIT/R-2(1)/Approval u/s 151/2014-15 dtd. 24.3.2015. 3. The petitioner filed detailed objections inter alia contending that the companies whose funds are invested in the petitioner company have regular PAN numbers and have sizeable funds. Th .....

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uld have been inquired into. In any case, the petitioner cannot be answerable for such investments. (2) That the Assessing Officer did not apply his mind to various contentions raised by the petitioner in the objections and disposed of objections by an order which cannot be stated to be a speaking order. 5. We may recall, the original return of the assessee was accepted without scrutiny. In that view of the matter, by virtue of the judgment of the Supreme Court in the case of Assistant Commissio .....

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reason to believe in section 147 would mean cause or justification. If the Assessing Officer has cause or justification to know or suppose that income had escaped assessment, he can be said to have reason to believe that income had escaped assessment. The expression cannot be read to mean that the Assessing Officer should have finally ascertained the fact by legal evidence or conclusion. What is required is reason to believe but not the established fact of escapement of income. At the stage of i .....

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received from the investigation wing of Mumbai, one Praveen Kumar Jain was a Hawala entry operator and who had stated on oath that he had provided accommodation entries to many companies. The list of such companies included the name of the present assessee company who had received accommodation entries worth ₹ 50 lacs from different companies for which the assessee would pay cash on matching sums. It was therefore, that the Assessing Officer recorded his reasons to believe that income cha .....

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