TMI Blog2019 (3) TMI 319X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. When the very foundation of the reassessment is missing, it would be impermissible for the Assessing Officer to carry on the reassessment based on such notice. - Decided in favour of assessee. - Writ Petition No. 11811 of 2018 - - - Dated:- 1-3-2019 - AKIL KURESHI AND M.S. SANKLECHA, JJ. Ms. Ritika Agarwal for the Petitioner. Mr. Suresh Kumar for the Respondent. P.C.: 1. Petitioner has challenged a notice of reopen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 accommodation entries to various beneficiaries for commission and also accepted that he is a Director in these companies and all other directors are dummy directors. 3. As per the information received, during the financial year relevant to the assessment year under consideration, M/s. Jalaram Enterprises Pvt.Ltd. has taken accommodation entries of ₹ 40 lakhs from M/s. Dolex Commercial Pvt. Ltd. and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he 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 for initiation of proceedings u/s. 147 of the I.T. Act, 1961 by issuing notice u/s. 148 of the Income Tax Act, 1961. 3. Upon being supplied the reasons, the petitioner raised objections before the Assessing Officer under a communication dated 27th August, 2018. Such objections were rejected by the Assessing Officer by an order dated 6th September, 2018, upon which this petition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lex 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 captioned companies had filed complete details like confirmation, bank statements and the return copies to prove the genuineness, creditworthiness and existence of parties. A copy of the submission made by the said lenders before the ld. ACIT in assessment proceedings for AY 2010-11 alongwith the copies of bank statement and the return copy is enclosed herew ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons 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 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 t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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