9911796707
TMI Blog2017 (1) TMI 1148X X X X Extracts X X X X X X X X Extracts X X X X ..... ts recorded on 10th March, 2008 u/s 131 had stated that they did not pay any consideration in excess of that recorded in the agreement. Therefore, this itself is evidence of the 'onmoney' in respect of the three flats was subject to enquiry leading to order dated 23rd December, 2009. Further, we find that the Assessing Officer has proceeded on the basis of the documents obtained during the course of the search on third parties were documents to which the presumption under Section 132(4A) of the Act would apply to the assessment of respondent assessee. This cannot be as the documents were recovered during a search made on third party and not on the respondent assessee. Therefore, such a presumption can be applied only in respect of assessmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 24th December, 2009 under Section 143(3) r/w Section 153A of the Act. The above order determined the total income at ₹ 7.77 crores. (b) On 22nd September, 2010, the Assessing Officer issued a notice under Section 148 of the Act seeking to reopen the assessment for Assessment Year 2008-09. The reasons recorded for issue of reopening notice notice was information received from the Income Tax Department at Nashik. This was consequent to a search on the third party namely M/s. Ashoka Buildcom Ltd. and documents found therein coupled with the statement made by its Manager. The reasons as recorded read as under : The assessee had shown profit from RNA Azzure project for the A.Y. 2008-09 specifying the sale proceeds of ₹ 31 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent on the basis of which the reopening notice has been issued was found in course of search carried out on third party viz. Ashoka Buildcom Ltd. The document obtained itself was bereft of any particulars, in as much as, it does not contain the names of the purchasers nor the name of the assessee, further it is neither signed nor dated. On receipt of the above document from the Income Tax Department, Nashik, the impugned order records that the Assessing Officer has not examined the information to reach a reasonable belief that the income chargeable to tax has escaped the assessment. On the basis of the above, the impugned order records that the reopening notice was issued only on the basis of the suspicion and not on the belief that the inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sideration in excess of that recorded in the agreement. Therefore, this itself is evidence of the 'onmoney' in respect of the three flats was subject to enquiry leading to order dated 23rd December, 2009. Further, we find that the Assessing Officer has proceeded on the basis of the documents obtained during the course of the search on third parties were documents to which the presumption under Section 132(4A) of the Act would apply to the assessment of respondent assessee. This cannot be as the documents were recovered during a search made on third party and not on the respondent assessee. Therefore, such a presumption can be applied only in respect of assessment of third party on whom the search was made. It cannot be the basis to ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
