2016 (2) TMI 1192

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..... hort 'the Act'). 2. In brief, the facts are that initially the assessee company filed a return of income on 30/09/2008 declaring a loss of Rs. 2,11,181/-, which was processed under section 143(1) of the Act on 24/07/2009. Subsequently, a notice under section 148 of the Act was issued and served on the assessee on 30/03/2012, whereby the assessment was sought to be reopened on the ground that income chargeable to tax had escaped assessment on account of certain bogus purchases from one M/s. U.M Exports(Proprietor Shri Mahesh Mehta) to the extent of Rs. 4,90,275/-. In response to the said notice, assessee communicated to the Assessing Officer that the original return filed be taken as return filed in response to the notice issued under secti .....

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..... ified. 4. Before me, the Ld. Departmental Representative has primarily reiterated the averments made in the Grounds of appeal, which primarily revolve around the objection that the information received by the Assessing Officer is a good ground for commencement of proceedings under section 147/148 of the Act. It is sought to be contended that at the time of commencement of proceedings under section 147 of the Act, what has to be seen is only prima-facie material and not the sufficiency or correctness of the material. 5. On the other hand, Ld. Representative for the assessee has supported the decision of the CIT(Appeals) by pointing out that the reasons recorded by the Assessing Officer did not reflect any application of mind on the part of .....

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..... formation, the Assessing Officer proceeds to record a belief that income chargeable to the aforesaid extent had escaped assessment. In the context of such recording of reasons the CIT(Appeals) referred to the judgment of the Hon'ble Delhi High Court in the case of Meera Kapoor (supra), wherein a somewhat similar reasons recorded were held to be non- complaint with the requirement of section 147/148 of the Act. 6.1 At the time of hearing, the Ld. Representative for the assessee referred to the Paper Book, wherein a copy of the statement rendered by Shri Mahesh P. Mehta, proprietor of M/s. U.M Exports is placed. On that basis, it is sought to be explained that the assessee has not been specifically named therein. 6.2 Be that as it may, I am .....

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