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TMI Blog2022 (4) TMI 1082X X X X Extracts X X X X X X X X Extracts X X X X ..... ause it is settled law that once query has been raised and answers have been given, even if the assessment order is silent, the Assessing Officer is supposed to have considered the issue and is deemed to have been satisfied with the explanation offered by the assessee. Moreover, in this case, notice under Section 133(6) of the Act has also been issued to third party lenders who have, as admitted in the Affidavit in reply, given confirmation about the transaction and credit worthiness. In these circumstances, we will have to note that notice issued under Section 148 of the Act dated 31st March, 2021 impugned in this Petition has to be set aside and consequently Order dated 22nd December, 2021 also has to go. If the confirmation alongwi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... served on Petitioner. Petitioner filed its reply dated 6th June, 2016 providing all details including a note on the nature of business, return of income etc. alongwith profit and loss account and balance-sheet and relevant scheduled balance-sheet as on 31st March, 2014 and details of bank accounts. 2. Another notice dated 6th September, 2016 under Section 142(1) of the Act was issued raising various queries which was replied to by Petitioner vide its letter dated 16th September, 2016 providing further details. By another letter dated 6th December, 2016 Petitioner submitted further details and documents including loan confirmation of eight parties alongwith copies of ITR, computation of income, bank statement etc. By another letter dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... received during the year. Petitioner had provided confirmation from the loan providers but it is observed that income of the loan providers was very low during the year as per the chart shown in the reasons. As the loan given by those parties has been credited in the books of Petitioner during the year under consideration and as the assessee offered no explanation, i.e., about the nature and the source of the above loan, the credit worthiness of the creditor and genuineness of the transaction has not been explained, the source of above loan remains unexplained and needs to be added to the total income of the assessee. 6. Petitioner vide a letter dated 21st October, 2021 filed its objection for re-opening. In the objection, Petitioner sp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tioner and Petitioner s explanation has been accepted by the Assessing Officer. Assessing Officer also, we would say, was satisfied with the credit worthiness and details provided by third party lenders. Mr. Sharma submitted that in the Assessment Order this issue has not been discussed. That does not help the cause of Respondents because it is settled law that once query has been raised and answers have been given, even if the assessment order is silent, the Assessing Officer is supposed to have considered the issue and is deemed to have been satisfied with the explanation offered by the assessee. Moreover, in this case, notice under Section 133(6) of the Act has also been issued to third party lenders who have, as admitted in the Affidavi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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