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TMI Blog2023 (9) TMI 118X X X X Extracts X X X X X X X X Extracts X X X X ..... ers such as Uma Shankar Kasera and the said amount falls in the ambit of the case where any amount is borrowed only on or any amount thereon is repaid to, any person otherwise then through an account payee cheque drawn from a bank, the amount so borrowed or repaid shall be deemed to be income of the person borrowing and repaying the amount aforesaid for the previous year in which the amount was borrowed or repaid, as the case may be and the income generated from the application of the loan so taken as unexplained income. As it cannot be stated that the order passed under clause (d) of Section 148 is a non- speaking order nor the order to be branded as outcome of non-application of mind. To test the correctness of the order, it is necessary that the disputed question of facts have to be thoroughly analyzed. There are several stake holders in the entire process which requires deeper probe into the matter and such an exercise cannot be done in exercise of writ jurisdiction. Therefore, the learned single bench was fully justified in not entertaining the writ petition and leaving it upon to the appellant to agitate all issues in the reopening proceedings for which notice under Sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny procedural irregularities nor it can be stated that the assessing officer lacked inherent jurisdiction. On the other hand, the order being based on facts, findings and materials evidence cannot be interfered in a writ petition. With the above findings, the learned writ court held that there was no scope for interfering with the order passed under Section 148A(d) of the Act. 2. Mr. Abhratosh Majumder, learned senior advocate assisted by Mr. Sourav Bagaria, learned advocate appearing for the appellant submitted that the assessing officer had not provided the reasons recorded/information which was the basis for initiating proceedings and in particular that such reasons or information must have same rational nexus or live-link with the formation of belief that income of the appellant has escaped assessment. It is submitted that the assessing officer though has made an observation that upon verification of the documents and the credible evidence, the appellant has availed cash loan of Rs. 40,70,00,000/- through Uma Shankar Kasera, the learned writ court failed to take into consideration that no such document was furnished to the appellant. Further it is submitted that as per the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment year 2016-2017 has escaped assessment within the meaning of Section 147 of the Act. The details of the information/inquiry conducted on which reliance was placed by the department, along with supporting documents were enclosed along with the notice dated March 14, 2023. The appellant was directed to show cause as to why in view of the details contained in the enclosure, notice under Section 148 of the Act should not be issued. The appellant was required to submit a reply along with supporting documents not later than March 29, 2023. 6. In the annexure to the said show cause notice, it has been stated that information was available in the case of the appellant for the assessment year 2016-2017 in the verification module of Insight Portal under the category Dissemination of certain High Risk CRIU/VRU PAN case and High Risk CRIU/VRU Non PAN Cases pertaining to the assessment year 2016- 2017 on Insight Portal selected under Risk Management Strategy (RMS) cycle-(ii) vide proceedings dated February 20, 2023. It is stated that information available with the assessing officer was analyzed and duly verified with various portals namely Financial Transactions (SFT), TDS/TCS Statemen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... documents which were seized during the search and seizure operations. The assessee submitted his reply on March 16, 2023 stating that on perusal of the statement given by the Uma Shankar Kasera, it is seen that there is no mention of the assessee s name in the said statement and therefore it cannot be inferred that the assessee has given cash loan. Further it was stated that the statement of Praveen Kumar Kasera was not furnished to the appellant and therefore proper opportunity was not granted. Further it was stated that along with the show cause notice, the letter from the Deputy Director of Income Tax (Investigation) dated 15.11.2022 was enclosed wherein modus operandi of unaccounted cash loan transaction is discussed, however, the assessee fails to understand as to how these letters led to an inference that the assessee has given cash loans. Therefore the assessee demanded that evidence available with the department on the basis of which they have alleged that the assessee had received/lent cash loan of Rs. 40.70 crores is required to be furnished to give opportunity to the appellant to rebut the said allegations. Further it was contended that no inquiry was conducted in terms ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e attracted. Further it has been stated that on examination of seized documents marked as USK/6 found and seized from the residential premises of finance broker Praveen Kumar Kasera in Kolkata wherein there is a recording identifying the assessee as a borrower and that he has taken cash loan to the tune of Rs. 40,70,00,000/- during the financial year 2015-2016. Further it is stated that in the seized documents, the finance broker Kasera used geometrical pattern/figure to represent the loan amount in unaccounted cash loan account. Further Kasera were using a unique disable method of coding the amount of transaction. The primary basis of decoding of geometrical figure which when confined to the documents containing geometrical figures corresponds with rukkus. It has been further stated that after decoding the geometrical figures, the exact amount of loan has been ascertained. Further it is stated that using geometrical figure to represent the amount of cash loan has been admitted by the Uma Shankar Kasera in his statement recorded on 30.11.2018. Further it is stated that the assessee s name is appearing in several of the seized documents which show that cash loan were availed/receive ..... X X X X Extracts X X X X X X X X Extracts X X X X
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