9911796707
TMI Blog2021 (8) TMI 780X X X X Extracts X X X X X X X X Extracts X X X X ..... ted company registered under the provisions of the Companies Act. The petitioner company was assessed to Income Tax on the file of the respondent. It submitted the return of income for the assessment year 2008-09 on 26.06.2009 showing the taxable income of Rs. 65,99,370/-. The return was duly processed under Section 143(1). There was a survey under Section 133A of the Act by the Investigation Wing on 31.07.2009. The case was selected for scrutiny assessment. The petitioner furnished all the details as well as the documents and the assessing officer considered all the materials available on record and passed the assessment order on 02.12.2010. 3. While so, a notice under Section 148 of the Income Tax Act was issued to the petitioner on 26.1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ein the details furnished by the petitioner were considered. The learned counsel for the petitioner reiterated that a survey under Section 133A was conducted in the business premises of the petitioner on 31.07.2009. However, assessment order was passed on 02.12.2010, after a lapse of about one year. Thus, the assessing officer had an opportunity to verify the survey report and in the present case, the survey report was considered by the assessing officer and therefore, there is no tangible material for the purpose of reopening of the assessment, as required under Section 147 of the Act. It is contended that the impugned order disposing of the objections, is perverse on the ground that the objection raised in this regard by the petitioner, w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urnished in the letter dated 18.04.2013 would reveal that Rs. 2.26 crores have been paid in cash to Shri M.C.Raja, during the financial year 2007-08 and the same has not been accounted in the cash book of the assessee-company. However, the assessee has not offered any explanation for the nature and source of such payments. 9. The objections filed by the petitioner would reveal that the assessment was taken up for compulsory scrutiny and the details / evidence called for were furnished and thoroughly scrutinised by the department. The scrutiny assessment was also completed on 02.12.2010 assessing the income at a huge figure of Rs. 1,43,61,890/- as against the income returned of Rs. 65,99,370/-. A cursory look at the assessment order passed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... view of the fact that there is no reference regarding the survey report in the assessment order. If at all the assessing officer considered the survey report then, there must be some findings or observations or reference regarding such survey report. 13. In the present case, the reasons for reopening would reveal that a survey under Section 133A was conducted in the business premises of the petitioner on 31.07.2009 and they found that huge cash payments were made and these cash payments were not taken into consideration at the time of scrutiny assessment and passing assessment order on 02.12.2010. Thus, the assessing officer has reasons to believe that such payments which were not considered during the original assessment escaped assessmen ..... X X X X Extracts X X X X X X X X Extracts X X X X
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