TMI Blog2012 (5) TMI 857X X X X Extracts X X X X X X X X Extracts X X X X ..... as erred in law and on facts in not quashing the impugned assessment order passed by Assessing Officer u/s. 147 that too without the serving the notices u/s. 148 and 143(2) as per law, without obtaining valid approval as prescribed under the law, without recording valid reasons to believe that income has escaped assessment and without complying with the mandatory requirements as prescribed u/s. 147 to 153 in consequence thereto. 2. That in any case and in any view of the matter, action of Ld. Commissioner of Income Tax (Appeals) in not quashing the impugned assessment is bad in law and against the facts and circumstances of the case and the same has been passed in violation of principles of natural justice and without confronting any adv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... each other. 3. In this case, the Assessing Officer has observed that specific information was received from the Investigation Wing on the basis of which it was observed that large amounts of money had been credited in the bank account of the assessee details of which were mentioned on pages 2 and 3 of the assessment order. The Assessing Officer has observed that after obtaining information from the Standard Chartered Bank where the amounts had been deposited efforts were made to call the Directors of the Company, but no reply was received form them. The Assessing Officer stated that various opportunities were provided to the assessee to explain these entries in the bank account at Standard Chartered Bank. Despite these efforts no prope ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er noted that assessee has claimed to have filed an FIR with the Police but no finding had been made by the Police on the basis of FIR and there is nothing provided by the assessee to establish that there was no relationship between the relevant bank account and the assessee itself. Ld. Commissioner of Income Tax (Appeals) held that accordingly when Standard Chartered Bank has opened this account with the name of the assessee, the onus lies with the assessee to prove that this account was bogus and the Standard Chartered Bank had opened an account under a bogus name. Ld. Commissioner of Income Tax (Appeals) further observed that in the present set of circumstances there is nothing to establish that the Standard Chartered bank has colluded t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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