TMI Blog2016 (7) TMI 195X X X X Extracts X X X X X X X X Extracts X X X X ..... ance with law. - Decided against assessee - Special Civil Application No. 18585 of 2015 - - - Dated:- 28-6-2016 - Akil Kureshi And A. J. Shastri, JJ. For the Petitioner : Mr. S. N. Soparkar, Senior advocate with Mr. Hardik V Vora, Advocate For the Respondent : Mrs Mauna M Bhatt, Advocate JUDGMENT ( Per : Honourable Mr. Justice Akil Kureshi ) The petitioner has challenged a notice dated 25.3.2015 at annexure B to the petition seeking to re-open the petitioner's assessment for the assessment year 2012- 2013. Brief facts are as under: The petitioner is an individual. For the assessment year 2012-2013, the petitioner had filed a return of income declaring total income of ₹ 6.88 lacs. The return was taken in scrutiny. The Assessing Officer framed assessment under section 143(3) of the Income-Tax Act, 1961 ( the Act for short) on 11.12.2014. To re-open such assessment, impugned notice came to be issued. The Assessing Officer had recorded reasons which were supplied to the petitioner upon which the petitioner raised objections to the process of re-opening. However, such objections came to be rejected by the respondent by an order dated 5.10.2015. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... also does not dispute that the record of the case were handed over to the present respondent which he received on 30.3.2015. However, with respect to this discrepancy, the respondent has in an affidavit-in-reply dated 7.12.2015 stated as under: II. With reference to para no.3.1, it is denied that the impugned notice issued under section 148 of the Act is without jurisdiction. I submit that it is correct that the case records were transferred ti the answering respondent on 30.3.2015. In this regard, it is to state that the notice under section 148 of the Act was also issued to the petitioner on 303.3.2015 only. It was through oversight, the date in notice was mentioned as 25.3.2015 instead of 30.3.2015 . This fact is evident from the despatch register which shows that the notice was issued on 30.3.2015 and despatch of the same notice. A copy of extract of the despatch register as well as acknowledgment slip of the Postal Department evidencing the date of notice issued as well as despatch of notice is annexed hereto and marked as Annexure-B colly. 5. We have also perused copy of the despatch register under which the present notice alongwith several other notices were h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e sheets, the onetime accommodation entries received in and paid through the infrastructure of Shirish Shah are complied in form of OT Party Sheets . OT Party Sheets were seized and impounded for different periods from various office premises of Shirish Shah during the course of search and survey action. However, a consolidated OT Party Sheet containing the date wise and entity wise details of one time entries received in and paid through the Shirish Shah infrastructure during the period 1.4.209 to 31.3.2012 was also seized during the course of search from the office of Shirish Chandrakant Shah situated at Dhanukar Building. This sheet is an excel sheet named OT start to 31.3.2012 in the excel file Final all upto 31 310312.xls located at patch F:/Shetty/c/Documents and Settings/User2/ Desktop was seized in the form of computer backup. This sheet was confronted to Shirish Chandrakant Shah during the course of his statement recorded under section 132(4) of the Act on 13.4.2013 and subsequent dates. He has offered his comments on this sheet in reply to question No.24. During the course of his statement recorded under setion 132(4) of the Act on 11.6.2013, he was provided th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yment of cheques are independently recorded in the cash and cheque sheets impounded during the course of survey conducted at the office of SCS situated at Dwarka Ashish Building. However, one to one co-relation between the cash received by SCS from/through Rajesh Jhaveri and the cheques paid into these companies is clearly evident from th8e impounded accounts of Rajesh Jhaveri maintained by SCS in rajesh Jhaveri sheet of acl.xls(01.04.2009 to Jan,12) and n navkar sheet of bom k-r.xis 1.4. Shirish Chandrakant Shah in his statements has accepted to have provided one time accommodation entries aggregating to ₹ 1926 crores (Rs. 1500 crores for the period 1.4.209 to 31.3.2012 and ₹ 426 crores for the period 01.04.2012 to 31.3.2013). He has also provided detailed date-wise and entry-wise working of the accommodation entries as Annexures to his statement. As per the details of the onetime accommodation entries provided by him, he has accepted to have provided entries aggregating to ₹ 183,15,05,000/- with reference to Rajesh Jhaveri. In the statements recorded, SCS has stated that one time accommodation entries are of two types-in one case first shares are sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n providing accommodation entries of share capital, share premium, share application money etc. The revenue authorities found that SCS maintained cash and cheque sheets. Records of provided accommodation entries were also maintained by SCS which included the names of inter-mediaries also. One Rajesh Jhaveri was a close associate of SCS and various excel sheets under different names referring to Rajesh Jhaveri were also found. These accounts contained details of cash received from or through Rajesh Jhaveri and accommodation entries provided against such receipts. On the basis of such impounded documents and materials, it was found that the assessee had received one time (referred to as OT) entries in the assessment year 2012- 2013 through companies of SCS from whom funds were diverted. The reasons further record that the assessee received total of ₹ 2.10 crores between 3.2.2012 and 15.3.2012 from two company, namely Acacia and Adamina. It is pointed out that these entries were received from cheques from the companies controlled by SCS. However, these were mere accommodation entries against actual cash payments to SCS or against other credits. The reasons further point out the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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