9911796707
TMI Blog2018 (8) TMI 1782X X X X Extracts X X X X X X X X Extracts X X X X ..... s credited to the account of the petitioner. AO appears to have proceeded with the inquiry even after being told that the petitioner was a substantial shareholder of M/s. Indo Nucleomet Pvt. Ltd. The inability of the AO to take appropriate action to bring to tax those amounts and (unlike in the case that the amounts credited in the PNB which was so brought to tax by addition in the final assessment), in the opinion of the Court would not afford the Revenue a second chance. The Supreme Court ruling in Commissioner Of Income Tax, Delhi v. M/s. Kelvinator Of India Ltd. [2010 (1) TMI 11 - SUPREME COURT OF INDIA] has stated that it is only tangible material outside the record based upon fresh information which can afford a window or a se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... On examination of the bank account statement of M/s Indo Nuclement Pvt. ltd. (Bank A/c NO.600030100020114 and 600020110000353 in Bank of India), it is found that the following payments from the said bank accounts were transferred to the personal saving bank account of Sh. Sanjeev Ghei (Bank A/c NO.82432010005366 with Syndicate Bank), in the F.Y.2009-10. From account No. Transaction pertain to F.Y. Amount (Rs. in lacs ) Date To bank account/cash/ Cheque payments 6000300 020114 F.Y.2009-10 10.00 04/11/2 009 Syndicate Bank A/cI No.824320100 05366 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ttacking the reassessment notice, learned counsel relied upon the original scrutiny assessment proceedings, stating that full and material disclosure of amounts received including ₹ 70 lacs that triggered the impugned reassessment notice had been made in the return for the concerned Assessment Year 2010-11. He also relied upon the questionnaire issued by the AO at the relevant time, with respect to the specific bank accounts and the explanation afforded. The reply to the queries of the AO was made on 18.10.2012; reply to it was furnished soon thereafter. The record also would show that for the relevant period, the bank accounts statements of Punjab National Bank and Syndicate Bank, where the petitioner had personal accounts were furni ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ication of the provisions of the reassessment. Learned counsel relied upon the first explanation to Section 147(1) emphasizing that the mere supply of account books etc. would not absolve the assessee of his primary duty to disclose the taxable nature of any particular receipt. This Court has considered the submissions as well as the materials on record. The queries directed to the assessee, especially at Serial No.74 in the questionnaire to which reply was furnished soon thereafter, along with Annexure II of the letter (by the assessee) furnished the details of the amounts received in the Syndicate Bank account. A sum of ₹ 70 lakhs was credited to the account of the petitioner. The AO appears to have proceeded with the inquiry eve ..... X X X X Extracts X X X X X X X X Extracts X X X X
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