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TMI Blog2022 (5) TMI 57X X X X Extracts X X X X X X X X Extracts X X X X ..... tage, is that the AO has formed a belief, according to us, erroneously, that the entire amount which the petitioner/assessee is said to have invested in bonds/debentures will form part of its taxable income. Investment in bonds/debentures, ordinarily, constitutes a loan transaction. Interest, if any, earned on such investment would possibly form a part of the investor s taxable income. However, at this juncture, there is no material to reach a conclusion either way. - W.P.(C) 3622/2022 - - - Dated:- 2-3-2022 - HON'BLE MR JUSTICE RAJIV SHAKDHER AND HON'BLE MR JUSTICE JASMEET SINGH Petitioner: Mr Sachit Jolly with Mr Rohit Garg, Ms Disha Jham, Ms Mehak Sachdeva And Mr Sohum Dua, Advocates. Respondents: Mr Puneet Rai, Sr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Paid Rs. 5,00,000 or more for acquiring Bonds/ Debentures 3. It is pertinent to mention that though the assessee has made large transactions even though the assessee has chosen not to file return of its income for the year under consideration. Therefore, it appears that the assessee is carrying on some activity which has resulted in generation of income. xxx xxx xxx 5. In the above background and after examining the available information, I have reason to believe that income of Rs.2,47,89,68,837 /- as mentioned above during the FY 2013-14 (relevant to AY 2014-15) has escaped assessment within the meaning given in Section 147 of the Income-tax Act. Therefore, I am of the belief that it is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... adequately fulfilled in the present case. [Emphasis is ours.] 3. Mr Sachit Jolly, who appears on behalf of the petitioner/assessee, says that a mere perusal of the aforementioned paragraphs would show that the impugned notice has been issued on the premise that Rs.2,47,89,68,837/- invested in bonds/debentures by the petitioner/assessee, constituted escaped income of the petitioner/assessee. 3.1 Mr Jolly s says, apart from anything else, even assuming for a moment, that everything said in the order containing reasons to believe is taken to be correct, the entire amount invested in bonds/debentures cannot form part of the petitioner s/assessee s taxable income. 4. Mr Puneet Rai, who appears on behalf of the respondents/revenue, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the petitioner/assessee is said to have invested in bonds/debentures will form part of its taxable income. Investment in bonds/debentures, ordinarily, constitutes a loan transaction. Interest, if any, earned on such investment would possibly form a part of the investor s taxable income. However, at this juncture, there is no material to reach a conclusion either way. 6. Accordingly, issue notice. 6.1. Mr Rai accepts notice on behalf of the respondents/revenue. 6.2. Counter-affidavit will be filed, within the next four weeks. 6.3. Rejoinder thereto, if any, will be filed before the next date of hearing. 7. We may note that Mr Jolly qua the aspect as to whether or not the petitioner/assessee has earned any interest, says that t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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