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2017 (1) TMI 1295 - BOMBAY HIGH COURT

2017 (1) TMI 1295 - BOMBAY HIGH COURT - TMI - Reopening of assessment - existence of reason to believe - large withdrawals from the HSBC Bank account - no return of income was filed - Petitioner is a non-resident - Held that:- The reasons recorded in support of the impugned notice proceeds on an assumption that the Petitioner has business interest in India merely because he had made large withdrawals from the HSBC Bank account. This is particularly so when, prima facie, it is undisputed that the .....

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n account of professional services received and payment of ₹ 10.84 lakhs to insurance company was on account of car insurance. The payment of ₹ 2 lakhs to M/s. Sunny Vista Realtors Pvt. Ltd. does not establish, prima facie, any business connection of the Petitioner in India as it was, according to Petitioner, for booking of house to be constructed. None of these, prima facie, taken individually or together can form the basis of reasonable belief that the Petitioner has business conne .....

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Mr. Abhay Ahuja, for the Respondents ORDER P. C. Heard. 2. RULE. 3. This Petition under Article 226 of the Constitution of India, challenges a notice dated 31st March, 2016 issued under Section 148 of Income Tax Act, 1961 (the Act). The impugned notice dated 31st March, 2016 seeks to assess the Petition for the Assessment Year 2009-10 i.e. the year in which no return of income was filed. From the record, it is clear that it is an undisputed position that for the subject Assessment Year, the Pet .....

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he Petitioner has business interest in India. The reasons further records the fact that the Petitioner had paid ₹ 2 lakhs to M/s. Sunny Vista Realtors Pvt. Ltd., and state that he was at sometime a Director of M/s. Sunny Vista Realtors Pvt. Ltd. without recording the dates. Further, the reasons recorded refer to the payment of ₹ 90,000 being made to the Registrar of Trade Marks, ₹ 10.84 lakhs to Insurance Company and ₹ 1.67 lakhs to a Chartered Accountant on the basis of .....

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.43 lakhs being the interest given by HSBC Bank are chargeable to tax as income escaping assessment for Assessment Year 2009-10. 5. We are of the, prima facie view that the reasons recorded in support of the impugned notice proceeds on an assumption that the Petitioner has business interest in India merely because he had made large withdrawals from the HSBC Bank account. This is particularly so when, prima facie, it is undisputed that the deposits are sourced from abroad. The other basis for reo .....

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