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2019 (3) TMI 319

ile disposing of the objections, the Assessing Officer did not clearly meet with this opposition of the petitioner. He instead, gave a rather general disposal to this ground. The petitioner has also produced with this petition, correspondence entered into by the petitioner with the Assessing Officer during the assessment for the assessment year 2010-11, in which the petitioner had supplied full details of the said receipts from the said two entities. Clearly therefore, the petitioner has built up a strong case to establish that the receipts in question never related to the present assessment year. The Assessing Officer simply cannot take shelter under the ground that all these aspects can be examined under the reassessment proceedings. - .....

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llate order of CIT(A) dated 28.02.2017. 2. As per the information received from the DDIT(Inv) Unit 7(4), Mumbai vide letter No. DDIT (INV)/Unit-7(4)/Information/201617 dated 30.09.2016, the assessee M/s. Jalaram Enterprises Private Limited (PAN: AABCJ6334N) is one of the beneficiaries of bogus entities which are controlled and operated by Mr. Vipul Vidhur Bhatt. A Search & Seizure action u/s 132 of the Act was carried out in the case of Mr. Vipul Vidhur Bhatt and his other related entities on 05.02.2016 and his statement was recorded on 09.02.2016 u/s 132(4) of the Act. In the statement Mr. Vipul Vidhur Bhatt has accepted that he is an entry operator and all the entities are bogus companies, which are used by him for providing accommoda .....

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Further, this office has also examined the evidence and fact of the case independently and it is found that, there is failure on the part of the assessee to disclose fully and truly all the material facts necessary for its assessment for the year under consideration. Therefore, I have the reason to believe that the income chargeable to tax under the provisions has escaped assessment to the extent of ₹ 55,00,000/. 7. Therefore, there is sufficient material on record, on the basis of which, I have reason to believe that assessee has not made full and true disclosure, resulting in escapement of income chargeable to tax to the extent of 55,00,000/. for A.Y.2012-13 within the meaning of section 147 of the I T Act. Hence, it is a fit case f .....

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otice issued by him under Section 133(6) of the Act, before recording the reasons and issuing notice of reopening. The petitioner has produced written reply to such notice under Section 133(6) of the Act, in which the petitioner had pointed out as under: 4. In your captioned notice, you have also raised issue of alleged accommodation entries of 40 lakh from M/s Dolex Commercial Pvt. Ltd. and ₹ 15 lakh from M/s. Shyam Alcohol & Chemicals Ltd. We have to state as under: It is submitted that the above parties had lent us the amounts as early as in FY 2009-10. The said loans wee verified during assessment proceedings of the company for the AY 2010-11 by ld. ACIT CC-2 Mumbai. In response to direct inquiry made by the ld. ACIT then the .....

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sessed. Thus, it is submitted that the reasons recorded for AY 2012-13, AY 2013-14 and AY 2014-15 are factually erroneous and thus, the reopening deserves to be quashed. 7. That it is also submitted that the above fact was already on record of your ld. predecessor in response to notice issued u/s 133(6) prior to recording reasons u/s 148 of the Act. Thus, the reasons recorded dehors the original assessment record and subsequent inquiry u/s.133(6) of the Act is wholly without jurisdiction. 8. While disposing of the objections, the Assessing Officer did not clearly meet with this opposition of the petitioner. He instead, gave a rather general disposal to this ground. The petitioner has also produced with this petition, correspondence entered .....

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