9911796707
TMI Blog2018 (12) TMI 1830X X X X Extracts X X X X X X X X Extracts X X X X ..... the order dated 10/03/2015 passed by the ACIT, Circle - 17(1), Mumbai ("the AO") and in dismissing the Appellant's appeal. 2.The learned CIT (A) failed to appreciate and ought to have held, that the order passed by the AO: i.was illegal, bad in law and without jurisdiction as the jurisdictional conditions precedent prescribed by section 147 and 148 of the Income Tax Act, 1961 ("the Act") had not been fulfilled. ii.was grossly contrary to the principles of natural justice. iii.was illegal and contrary to law inter alia as the AO had passed his order solely on allegations made by the Sales Tax Department without any independent application of mind. iv.was vitiated by suspicion, surmises and conjectures v.was not based on mate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1.66 Lacs which was processed u/s 143(1). Pursuant to receipt of certain information from Investigation Wing, it transpired that during impugned AY, the assessee made purchases from suspicious / hawala dealers for aggregate amount of Rs. 187.08 Lacs from 9 dealers, the details of which have already been extracted at para 2.2 of the quantum assessment order. Accordingly, the reassessment proceedings were initiated against the assessee by issuance of notice u/s 148 on 30/03/2014. The reasons leading to reopening has also been extracted at para 2.2. Notices sent u/s 133(6) all these parties to confirm the transactions were either returned un-served or no reply was received against the same. Few parties denied having made any such transactions ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s from the end of relevant AY and the original return of income was processed u/s 143(1). Therefore, the only requirement, in such a case, to acquire the valid jurisdiction under law was that the Assessing Officer had reasons to believe that certain income escaped assessment. The tangible material in the shape of information from investigation wing came to the possession of Ld. AO who by utilizing the same formed the requisite belief that certain income escaped assessment. In our opinion, at this stage, only a prima facie opinion was required to be formed that certain income escaped assessment and nothing more. Therefore, the reassessment jurisdiction as acquired by Ld. AO was perfectly valid and we find no infirmity in the same. All the gr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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