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TMI Blog2023 (9) TMI 842X X X X Extracts X X X X X X X X Extracts X X X X ..... ses concerning non-filers i.e., those assesses who have not filed returns. Furthermore, we find that in the ROI, the petitioner has disclosed, not only the investments made, but also the amount earned as interest. The amount which the assessee has disclosed by way of Investment is Rs. 10,74,800/-. Likewise, insofar as the interest is concerned, the amount disclosed in the ROI is Rs. 1,23,857/-. The gross receipts noted in the ROI is the figure that is noted in the reasons to believe, which is shown as Rs. 2,93,11,115/-. Therefore, the petitioner was entitled to contend that, not only the contractual receipts were disclosed, but also the investment in debentures/bonds amounting to Rs. 5 lakhs and the interest earned, also formed par ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3.2012. 5. On 20.09.2018, the petitioner, as required, electronically filed its ROI in response to the notice issued under Section 148 of the Act. 6. Significantly, what the petitioner had declared in this return was substantially the same as that was disclosed in the original return. The amount declared by the petitioner as total income was Rs. 23,66,047/-. 7. It appears that thereafter, the petitioner called upon the AO to supply reasons for reopening the assessment. 8. The AO supplied reasons on 26.11.2018. Upon receipt of reasons for reopening the assessment, the petitioner filed its objections, which were disposed of by AO on 30.11.2018. 9. The record seems to reveal that the AO issued the notice for reopening the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e in ITD, return for A.Y. 2011-12 was filed on 29.03.2012 and was processed u/s 143(1) on 17.08.2012 . As per information available in the ITS,: assessee has received contractual receipts of Rs. 2,93,11,125/- and has paid Rs. 5,00,00/- for acquiring bonds/debentures during the F.Y.2010-11. Further, assessee is also in receipt in interest income from refund u/s 244A amounting to Rs. 85,155/-. After analyzing the information it has been observed that the receipts of Rs. 2,93,11,125/- is being reflected in the 26 AS of the assessee. But no information was available regarding the source of investment done in acquiring bonds/debentures and interest income received from refund. As the assessee has not filed the return of the income for ye ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd perusal and approval. [Emphasis is ours] 14. As would be evident, the reasons to believe recorded by the AO have strangely also received the approval of the superior i.e., the Principal Commissioner of Income Tax (PCIT). 15. Ms Dacchita Shahi, learned standing counsel, who appears on behalf of respondent/revenue, seeks to defend the revenue s position by stating that what was recorded in the reasons to believe i.e., that ROI had not been filed by the petitioner, was an inadvertent error. 16. In this context, Ms Shahi has drawn our attention to the first part of the reasons to believe wherein, the AO had recorded that the assessee had filed its returns for AY 2003-04 to 2016-17. 17. We would have accepted this defence p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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