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TMI Blog2022 (9) TMI 982X X X X Extracts X X X X X X X X Extracts X X X X ..... Soft Private Limited and other entities and the assessee has also received the fund from the said Talland Data Soft Private Limited as can be seen from the Entry Nos.21 and 22 of the list of the beneficiaries of the account of Talland Data Soft Private Limited available at the Page No.139 of the petition. It is apparent that the information relevant for the assessment year in accordance with the Risk Management Strategy formulated by the Board from time to time is available and therefore we are of the opinion that Assessing Officer has rightly issued the notice by rejecting the objections of the assessee by referring to such information and considering the same in detail, the impugned order passed under Section 148A(d) of the Act is passed giving cogent reasons for rejecting the objections of the assessee in accordance with the provisions of the Act. Assessing Officer has rightly treated the case to be a fit case for exercising powers of reopening of assessment. The provisions under Section 148A of the Act are duly noted and necessary conditions are satisfied which has resulted into impugned notice under Section 148 of the Act. Assessee appeal dismissed. - R/SPECIAL CIVIL A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2.8.2017 upon the petitioner along with questionnaire seeking various details including bank account details, bank statement and audited annual reports. 3.1 The petitioner filed its reply on 23.8.2017 providing copies of the documents sought by the Assessing Officer. After considering the reply of the petitioner, the Assessing Officer passed the assessment order dated 6.9.2017, assessing the total income of the petitioner at Rs.35,81,230/- making addition on account of interest on excess capital contribution in a Limited Liability Partnership. 3.2 The respondent issued a notice under Section 148 of the Act on 9.6.2021 to reopen the assessment for assessment year 2015-16. 3.3 Pursuant to the order passed by the Apex Court in case of Union of India and Ors. Vs. Ashish Agarwal and Ors., [2022 SCC Online SC 543] the respondent issued a notice under Section 148A(b) of the Act. Prior to issuance of such notice, the petitioner filed return of income pursuant to notice under Section 148 on 30.6.2021. Copy of reasons were also provided to the petitioner on 5.7.2021, wherein it was stated that the petitioner was beneficiary of accommodation entries / bogus loan to the tune of R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s not considered the objections raised by the petitioner and the petitioner is deprived of the opportunity to deal with the details in possession of the respondent authority as the same were not disclosed to the petitioner. 4.2 It was submitted that the loan received by the petitioner of Rs.20,00,000/- from the Talland Data Soft Private Limited is not a bogus loan and merely because DDIT, (Investigation), Unit-3(3), Kolkata, has provided information that the party from whom the petitioner has received the loan has done transaction with another party which is a shell entity, it cannot lead to belief that the transaction of the loan were also bogus. It was submitted that it is far fetched conclusion with no rational connection to the facts and evidence on record and is based on assumption and suspicion which cannot be said to be a reasonable belief. It was submitted that the provisions of Section 147 are not at all attracted as can be seen from the reasons given in the impugned order passed under Section 148A (d) and hence the proceeding being invalid and against the law, ought to have been dropped. 4.3 In support of his submissions, learned advocate Mr.Priyam Shah referred t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee for the relevant assessment year and the Assessing Officer has obtained prior approval of the specified authority to issue such notice. Explanation 1.-For the purposes of this section and section 148A, the information with the Assessing Officer which suggests that the income chargeable to tax has escaped assessment means, (i) any information flagged in the case of the assessee for the relevant assessment year in accordance with the risk management strategy formulated by the Board from time to time; (ii) any final objection raised by the Comptroller and Auditor General of India to the effect that the assessment in the case of the assessee for the relevant assessment year has not been made in accordance with the provisions of this Act. 6. On perusal of the Explanation (1) of the Section 148, it is clear that that for the purpose of Section 148A, the information with the Assessing Officer which suggests that the income chargeable to tax has escaped assessment means any information flagged in the case of the assessee for the relevant assessment year in accordance with the risk management strategy formulated by the Board from time to time. 7. In the facts o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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