9911796707
TMI Blog2021 (7) TMI 996X X X X Extracts X X X X X X X X Extracts X X X X ..... dent. The petitioner filed its Return of Income on 13.10.2005. The Return was processed under Section 143 (1) of the Act. Scrutiny assessment was completed by the Assessing Officer and the assessment proceedings were completed under Section 144 of the Income Tax Act, 1968 (hereinafter referred to as, 'the Act'), on 18.12.2007. 2.The learned counsel for the petitioner made a submission that the petitioner submitted all the materials, informations, books of accounts, etc., and the Assessing Officer also gone into, considered and passed an order of assessment. While so, a notice under Section 148 of the Act was issued for reopening of the completed assessment on 24.08.2011. The learned counsel for the petitioner reiterated that there ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s and therefore, it is a case of change of opinion. The respondent has not considered the objections with reference to the documents and materials submitted by the petitioner. Contrarily, the very same materials which were adjudicated during the original assessment scrutiny were taken as a tangible materials for the purpose of reopening of the assessment and thus, the very reopening is change of opinion and not based on the tangible materials. 5.The learned counsel for the petitioner reiterated that the reopening of assessment is made beyond the period of four years and within a period of six years. Thus, the pre-conditions contemplated under the proviso clause is to be complied with. In this case, when the petitioner has submitted all the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... while disposing of the objections in proceedings dated 26.07.2012. 8.The first objection raised by the assessee is regarding the jurisdiction of the Assessing Officer. The Assessing Officer, relying on the proviso of Section 147, made a finding that if the assessee has not disclosed fully and truly all the matter facts necessary for completion of assessment, the Assessing Officer shall re-assess the same. In the instant case, the assessee has not filed any relevant and supporting documentary evidences or materials for the claim of bad debts return off. Since the assessee failed to disclose fully and truly all the material bad debts return off, the case is reopened by issuing the notice under Section 148, second time. The second objection ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f treating the 11.99 crores as unexplained credit u/s. 68 is not at all justified and the treating of the same as business income and setting off with brought forward losses owing to its status of unproved loans are correct and no rectification is require. 3.1 During the course of assessment proceedings the assessee was asked to furnish the details and confirmation in respect of unsecured loans. The assessee vide written submission made on 12.10.2007 furnished a list containing the name of the persons and amount outstanding against them in respect of unsecured loans. The assessee has not furnished the loan confirmation, address and PAN of the persons from whom he claims to have received such loans. The onus is on the assessee to substanti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pect of the unsecured loans. However, the assessee has not furnished the loan confirmation, address and PAN of the persons from whom he claims to have received such loans. Thus, the Assessing Officer formed an opinion that the onus is on the assessee to substantiate the loans by furnishing the above details to verify the genuinity and credit worthiness of the loan creditors. Since the assessee has completely failed to discharge his onus, the unsecured loan was treated as ingenuine and assessed under Section 68 of the Act. 10.This Court is of the considered opinion that as pointed out by the learned counsel for the petitioner, the assessee has furnished the list of persons and list of unsecured loans. However, the details of the names and o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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