9911796707
TMI Blog2022 (10) TMI 421X X X X Extracts X X X X X X X X Extracts X X X X ..... and disclosure made before one wing will not exonerate the petitioner from the requirement of making a full and true disclosure before the assessing officer in assessment. The apparent difference in the communications addressed to the assessing authority on the one hand and the ITO (ICI) on the other, would itself illustrate the difference in the disclosures made before the two authorities. Records have been summoned and produced by the standing counsel, that confirm the averment in counter to the effect that there was no disclosure of the account in ICICI bank R S Puram at the time of assessment. In the absence of a full and true disclosure by the petitioner at the first instance, the assumption of jurisdiction by the assessing au ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ein the petitioner holds deposits. 5. On 26.11.2012, the petitioner files before the assessing officer, copies of bank statements in Axis, Dhanalaxmi, Yes and Standard Chartered banks. Conspicuous by its absence, is the statement relating to ICICI bank that was produced before the ITO(ICI). 6. It is an admitted position that the statement of the account in ICICI Bank was not enclosed and there is nothing either in the communication dated 26.11.2012 filed before the assessing officer or any other record/communication that could lead to a conclusion that this statement had been enclosed. 7.There was a further exchange of notices and responses between the petitioner and the respondent and reply of the petitioner dated 24.10.2013 also ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... S following by debit through RTGS. Frequent high value cash deposit has been seen in the account. For e.g., from 01.02.2011 to 31.03.2011, account got credited by Rs.42.29 Crore through cash deposits and debited by Rs.48.32 Crore through RTGS. Thus based on the transaction pattern, activity in the account and value of transaction, it is appearing as suspicious. 5.In this case the assessee has filed return of income and the assessment was completed u/s 143(3). However cash deposits seen as above in the account has not been verified during assessment u/s 143(3). Also on verification of assessment records, it is found that this aspect was not scrutinized by the Assessing Officer. Therefore, the Assessing Officer has reason to believe inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ash and immediately debited through RTGS. The impugned proceedings for re-assessment have come to be initiated based upon the information received regarding the aforesaid modus operandi, and to verify the same. 13. I am, in this writ petition, to examine the veracity or otherwise of the assumption of jurisdiction by the respondent in light of the proviso to Section 147 that reads as follows: 147. Income escaping assessment - ........ Provided that where an assessment under sub-section (3) of section 143 or this section has been made for the relevant assessment year, no action shall be taken under this section after the expiry of four years from the end of the relevant assessment years, unless any income chargeable to ta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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