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TMI Blog2018 (4) TMI 806X X X X Extracts X X X X X X X X Extracts X X X X ..... that there has been an escapement of income. In our view, this petition could be disposed of on similar lines. Although, it was contended that the Assessing Officer may pass the same order rejecting the petitioners' objections, we do not accept this submission. We are confident that the Assessing Officer would independently apply his mind to the petitioners' objections and dispose of the same showing utmost fidelity in the letter and spirit - thus restore the objection to the Assessing Officer. Therefore, the parties are put to notice that on the next date it is likely that the petition itself would be finally disposed. - WRIT PETITION NO. 176 OF 2018 WITH WRIT PETITION NO. 93 OF 2018 - - - Dated:- 12-4-2018 - M.S. SANKLECHA SANDEEP ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sunshine Merchant Pvt. Ltd. by way of unsecured loan of ₹ 85320000/and the consequential interest on loan debited in Profit and Loss Account is ₹ 490267/. In view of above, the unsecured loans amount needs to be verified for its genuineness and the interest paid of ₹ 490267/- need to be disallowed. I have reasons to believe that the above ₹ 85320000/has escaped assessment within the meaning of section 147 of the Income Tax Act, 1961 and its is fit case for issue of notice u/s 148 of the IT Act, 1961....... 3. In view of the above reasons, notice u/s 148 dated 30.03.2017 was issued. 3. The petitioners in its objections dated 21st September, 2017 to the above reasons sought a copy of the information re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s recorded in support of the impugned notice relied upon information which the Assessing Officer had claimed to have received from some source (without declaring the source) or giving relevant portion of information received. This not having been done the Petitioner objected/sought for the same on the basis of the Delhi High Court in Sabh Infrastructure Ltd. v. Assistant Commissioner of Income Tax in Writ Petition (C) No.1357 of 2016 delivered on 25.9.2017 wherein the Court has set down guidelines to follow in the matter of reopening of assessments which interalia provides as under: (iii) Where the reasons make a reference to another document whether as a letter or report, such document and/or relevant portions of such report should ..... X X X X Extracts X X X X X X X X Extracts X X X X
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