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TMI Blog2015 (5) TMI 81X X X X Extracts X X X X X X X X Extracts X X X X ..... ons of the revenue. The revenue's contention in the affidavit in reply has no merit. On the other hand, the loans appear to be taken in the regular course of business and were found amongst the 45 members in respect of which all particulars have already been furnished by the assessee to the Assessing Officer No such reasons for the Assessing Officer or the revenue to come to a conclusion that income had escaped assessment. All the communication and evidence provided by the Petitioner to the revenue authorities disclosed that the loans were bonafide, taken in the regular course of business through account payee cheques. Thus the proposed reopening lacks justification and the impugned notice deserves to be quashed had set aside. - Deci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er Section 148 of the Act seeking to reopen the assessment. The Petitioner replied on 22nd April, 2014 and sought reasons for the proposed reopening. 3. The reasons were then supplied to the Petitioner on 21th May, 2014. The Petitioner submitted its objections to the reopening on 7th November, 2014. The Petitioner inter alia contended that the notice in question was issued beyond the period of four years from the end of the relevant assessment years. The assessment had already been completed under Section 143(3) of the Act and there was no basis or tangible material to justify reopening. The Petitioner also pointed out that there was no failure to disclose fully and truly all materials and the proposed reopening was only on account of ch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... these 45 parties to the Assessing Officer on or about 14th March, 2009. Mr.Pardiwalla pointed out that in Exhibit-B these particulars were provided and the annexure at page 30 of the petition was a list of loan confirmations which had been provided to the Assessing Officer for the period ending 31st March, 2007. We have perused the said letter and annexure and find that the assessee had provided the names and particulars of parties who have advanced loans along with the confirmation of the amounts issued by the petitioner to these members which was duly confirmed by the individual members. Despite this, Mr, Pardiwalla urged that the Assessing Officer proceeded to hold that scrutiny of the four parties Daksh Diamonds, Jewel Diam, Laxmi Tradi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... disclose all particulars. 8. On behalf of the revenue, Mrs. Bharucha submitted that all the four parties concerned had facilitated accommodation entries. They were not genuine and bonafide loans advanced to the Petitioner. She has supported the order of the Assessing Officer. The Commissioner of Income Tax while rejecting the objections on 19th December, 2012 once again reiterated that the Petitioner has routed unaccounted cash through bogus loans and has been found in the books of account of the Petitioner. According to her, the revenue has received information from the Director General of Income Tax (Inv) that the assessee has taken unsecured loans from the above parties by way of unaccounted cash/accommodation entries. We are unable t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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