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2018 (4) TMI 806

etitioners - Held that:- In identical circumstances, this Court in Shri Dhlraj Uttamchand Jain Vs. Asstt. Commissioner of Income Tax & Ors. (2018 (3) TMI 673 - BOMBAY HIGH COURT) had restored the objections of the petitioners to the AO to pass a fresh order after considering the fresh objections to be filed by the petitioners to the reasons in the context of the material relied upon by the Assessing Officer to come to the conclusion that there has been an escapement of income. - In our view, this petition could be disposed of on similar lines. Although, it was contended that the Assessing Officer may pass the same order rejecting the petitioners' objections, we do not accept this submission. We are confident that the Assessing Officer w .....

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e of the ADIT(Inv.) Unit 3(4), Mumbai that M/s. Sunshine Merchants Pvt. Ltd. has 2 accounts with the bank under PAN AAGCA1771R Account No. 002605007669 was triggered on account of large value noncash transactions in the account. One of such assessee is Mayurpankh Fine Builders Pvt. Ltd. (AAACM5643E) which is assessed to tax in this charge has obtained bogus accommodation entries from Sunshine Merchant Pvt. Ltd. by way of unsecured loan of ₹ 85320000/and the consequential interest on loan debited in Profit and Loss Account is ₹ 490267/. In view of above, the unsecured loans amount needs to be verified for its genuineness and the interest paid of ₹ 490267/- need to be disallowed. I have reasons to believe that the above S .....

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considering the fresh objections to be filed by the petitioners to the reasons in the context of the material relied upon by the Assessing Officer to come to the conclusion that there has been an escapement of income. In the above case, this Court had made the following observations : 3. The primary grievance of the Petitioner before us is that the reasons recorded in support of the impugned notice relied upon information which the Assessing Officer had claimed to have received from some source (without declaring the source) or giving relevant portion of information received. This not having been done the Petitioner objected/sought for the same on the basis of the Delhi High Court in Sabh Infrastructure Ltd. v. Assistant Commissioner of In .....

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ame showing utmost fidelity in the letter and spirit of the Apex Court decision in GKN Divesshaft (India) Ltd. Vs. Income Tax Officer, 259 ITR 19. This alone would reduce unwanted litigation and / or re-assesments, making the Assessing Officer available to spend adequate time and effort on pending assessments. Therefore, we propose to follow in essence, our order dated 8th March, 2018 and restore the objection to the Assessing Officer. Therefore, the parties are put to notice that on the next date it is likely that the petition itself would be finally disposed. 7. In the above view, at the request of Mr. Mohanty, both the petitions are posted for consideration on 26th April, 2018. In the meantime, the adinterim relief granted earlier to con .....

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