TMI Blog2024 (3) TMI 1019X X X X Extracts X X X X X X X X Extracts X X X X ..... Directorate and alluded to an orchestrated misuse of CCM with a motive to evade tax. It also referred to a coordinated limited purpose survey undertaken under Section 133A of the Act at the premises of twelve brokers as well as their clients across India in March 2015. The recordal of facts and reasons in the proforma would clearly indicate that information was identically transcribed on the record of the respondent as well. In our considered opinion, the minor discrepancies in the language employed by the respondent, and as it stands reflected in the reasons provided to the petitioner, and that which exists on the record, would clearly not justify us interfering with the impugned notice and the order impugned for reasons which follow. As would be evident from a perusal of the reasons which were supplied to the petitioner, there is a clear and unequivocal expression of opinion of the AO with respect to the material on the basis of which reassessment was sought to be commenced. The proforma also alludes to the same material and record. There is thus no variation or difference in the foundational material on the basis of which the AO came to form the opinion that income has likely t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g counsel, who appears on behalf of respondent/revenue, says that he would like to file written submissions in the matter. Leave in this behalf is granted. 5. List the matter on 10.10.2023. 4. It appears that the principal contention of the petitioner was a perceived distinction in the recordal of reasons for initiating proceedings under Section 148 of the Act as appearing upon a reading of a copy of which was supplied to the petitioner and the proforma for recording reasons to initiate proceedings under Section 148 of the Act which existed on the record of the respondent. It is this aspect which was highlighted by Mr. Lalchandani, learned counsel appearing for the writ petitioner during the course of his oral submissions. 5. According to the writ petitioner, the reasons recorded for selection of the petitioner s case for reassessment under Section 148 of the Act and as provided to the petitioner, read as follows: PAN:AAIPG5271B A.Y. 2009-10 An Information via e-mail was received from ADIT (lnv.), Unit-1(3), Ahmedabad vide letter no. AD IT (lnv) 1(3)/AHD/CCM/Dissemination /e-mail/l5-16 dated 17.03.2016 in respect of Client Code Modification, dissemination of beneficiary clients who ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ief or allowing loss or depreciation; N.A. 10. Whether the provision of Section 150(1) is applicable. If the reply is in the affirmative, the relevant facts may be stated against item no. 10 and it may also be brought out that provisions of section 150(2) would not stand in the way of initiating proceeding under Section 147. N.A. 11. Reasons for the belief that income has escaped assessment. Information via e-mail was received from ADIT (Inv.) , Unit-1(3), Ahmedabad vide letter no. ADIT (Inv)1(3)/AHD/CCM/Dissemination/ email/ 15-16 dated 17.03.2016 in respect of Client Code Modification, dissemination of beneficiary clients who have taken contrived losses and shifted out profits during the F.Y. 2008-09 to 2011-12. The Ahmedabad Investigation Directorate, as an institution response to orchestrated misuse for client code modification for tax evasion, carried out coordinated limited purpose surveys u/s 133A of the Income Tax Act, 1961 at the premise of 12 brokers and few of their clients across India on 23.03.2015. After considering the contention of brokers, it was concluded by the ADIT that CCM has been used as a tool for tax evasion and only settled trades have been considered to a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ol for tax evasion. The genuine contentions of brokers have been duly addressed in the Survey Report. Only settled trades have been considered to arrive at the beneficiaries. An Information via e-mail was received from ADIT (lnv.), Unit-1(3), Ahmedabad vide letter no. ADIT (lnv) 1(3) / AHD/CCM/ Dissemination /e-mail/15-16 dated 17.03.2016 in respect of Client Code Modification, dissemination of beneficiary clients who have taken contrived losses and shifted out profits during the F.Y. 2008-09 to 2011-12. The Ahmedabad Investigation Directorate, as an institution response to orchestrated misuse for client code modification for tax evasion, carried out coordinated limited purpose surveys u/s 133A of the Income Tax Act, 1961 at the premise of 12 brokers and few of their clients across India on 23.03.2015 . After considering the contention of brokers, it was concluded by the ADIT that CCM has been used as a tool for tax evasion and only settled trades have been considered to arrive at the beneficiaries. As per information received in this case, it is seen that the assessee during the F.Y. 2008-09 has profit shifted out of Rs. 20,29,332/- and losses shifted in of Rs. 3,98,825/- resultin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ectorate and alluded to an orchestrated misuse of CCM with a motive to evade tax. It also referred to a coordinated limited purpose survey undertaken under Section 133A of the Act at the premises of twelve brokers as well as their clients across India in March 2015. On the basis thereof, the AO formed the opinion that the petitioner had during Financial Year 2008-09 shifted out profit of a sum of INR 20,29,332/- and shifted in losses amounting to INR 3,98,825/-, thereby resulting in a net reduction of income of INR 16,30,506/- through misuse of CCM. 10. The recordal of facts and reasons in the proforma would clearly indicate that information was identically transcribed on the record of the respondent as well. In our considered opinion, the minor discrepancies in the language employed by the respondent, and as it stands reflected in the reasons provided to the petitioner, and that which exists on the record, would clearly not justify us interfering with the impugned notice and the order impugned for reasons which follow. As would be evident from a perusal of the reasons which were supplied to the petitioner, there is a clear and unequivocal expression of opinion of the AO with respe ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
