9911796707
TMI Blog2022 (5) TMI 1231X X X X Extracts X X X X X X X X Extracts X X X X ..... is petition, to stay implementation and operation of the notice at Annexure - A to this petition and stay further proceedings for assessment for A.Y. 2012-13; (c) any other and further relief deemed just and proper be granted in the interest of justice; (d) to provide for the cost of this petition." 2. The subject matter of challenge is the Notice issued by the Assessing Officer under Section 148 of the Income Tax Act, 1961, dated 30.03.2019 seeking to reopen the assessment for the Assessment Year 2012-13. The reasons assigned by the Assessing Officer for reopening are as under: "2. Brief details of information collected/received by the AO: Information received from ADIT(Inv.)-Unit-2(2), Ahmedabad during F.Y. 2011-12, assessee has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t Rs.1,19,84,852/- This clearly shows that the assessee has shown excess cash deposits of Rs.20,96,544/- (14081396-11984852) as advance from customers. Thus, the total excess cash deposits works out to Rs.3,10,20,401/- [28923857+2096544]. The assessee failed to explain the excess cash deposit of Rs.3,10,20,401/- and the same is required to be taxed for A.Y. 2012-13 as unexplained cash deposit in the bank account(s) maintained by the assessee." 3. Analysis of information collected/received: On the basis of information received with respect to aforesaid assesses, during F.Y. 2011-12 relevant to A.Y. 2012-13, analysis of information available on ITBA portal on ITS and 360 degree profile of the assessee. The assessee has filed his return of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ruly all material facts. It is submitted that there is not failure on the part of the Assessee to truly and fully disclose all material facts. It is submitted that the report of investigation team is based on the inquiries made with the Assessee only. It is submitted that there is no fresh tangible material available with either the investigation team or the Assessing Officer to come to a new finding that the disclosure made by the Assessee was incomplete. It is submitted that the assessee only gave all the details to the investigation team which was part of the accounts only. It is therefore submitted that in absence of any failure on the part of the Assessee to truly and fully disclose all material facts, completed assessment can not be r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this contention of the assessee is not found to be acceptable as this is not the appropriate time to discuss the genuineness of transactions on merits. Without prejudice to the same, it is to mention that the same was not verifiable from the return of income and the assessment proceedings finalized. Further, the assessee in the above referred objection letter has also submitted the same was not provided to the Investigation Wing as the same was not inquired further with the assessee. The onus was upon the assessee to provide the complete reconciliation to the Investigation Wing though the same was not called for. However, the assessee failed to furnish the same and now, raising the objections which is not incorrect and valid. Notwithstandin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rded. It is not the language but the contents of such recorded reasons which assumes importance. In other words, a mere statement that the Assessing Officer had reason to believe that certain income has escaped assessment and such escapement of income was on account of non-filing of the return by the assessee or failure on his part to disclose fully and truly all material facts necessary for assessment would not be conclusive. Nor, absence of any such statement would be fatal, if on the basis of reasons recorded, it can be culled out that there were sufficient grounds for the Assessing Officer to hold such beliefs. (v) Such reasons must emerge from the reasons recorded by the Assessing Officer and cannot be supplied through an affidavit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icant in so many words has tried to explain that the difference between the cash deposited and the sales shown is due to the VAT component in the cash deposited. According to the writ applicant, it is not a part of sales but shown separately as a liability. Whatever may be the worth of the explanation put forward by the writ applicant, it is expected of the Assessing Officer to apply his mind and decide the same accordingly. All that the Assessing Officer has said while disposing of the objections is that it is not an appropriate time to discuss the genuineness of the transactions on merits. 8. In view of the aforesaid, we partly allowed this writ application. The impugned notice and the order disposing of the objections are hereby quashed ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
