9911796707
TMI Blog2023 (9) TMI 1041X X X X Extracts X X X X X X X X Extracts X X X X ..... because some information has been received from the Investigation Wing, does not entitle Respondent to re-open assessment. The reasons must be founded on the satisfaction of AO that income chargeable to tax has escaped assessment. Once that is not to be found, then, the impugned notice cannot be sustained. What we find is that there are no reasons to believe but, only reasons to suspect. Hence, re-opening of assessment is not satisfactory. notice set aside - Decided in favour of assessee. - K. R. SHRIRAM DR. N. K. GOKHALE, JJ. For the Petitioner : Mr. P. J. Pardiwala, Sr. Advocate a/w Ms. Rutuja N. Pawar Ms. Sneha More. For the Respondent-Revenue : Mr. P. C. Chhotaray. ORAL JUDGMENT (PER K. R. SHRIRAM, J. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y member of M/s. Crown Consultants Pvt. Ltd. It is required to examine the case of the assessee for A.Y. 2007-08 so that such unaccounted money could be brought to tax. In view of the above, I have reason to believe that such income chargeable to tax and also any other income chargeable to tax exceeding Rs. 1 lakh for A.Y. 2007-08 has escaped assessment within the meaning of provision of Sec. 147 and hence I propose to re-open the case of the assessee u/s. 147 of the Act for A.Y. 2007-08. Date : 19.03.2014. Petitioner filed objections on 16th April 2014 to the re-opening, which came to be summarily rejected by a communication dated 22nd April 2014. 4. The reason to believe indicates that the notice issued to Petitioner ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the part of assessee to truly and fully disclose the material facts required for assessment. 7. There is nothing to even indicate in the reason to believe that there was any failure on the part of Petitioner to disclose the fact that a sum of Rs. 7,00,000/- was deposited in his bank account. In fact there could not have been any failure because admittedly, the cheque has been given to Crown. It is not even alleged in the reason to believe that there was a failure to disclose. On this ground alone, the impugned notice has to be quashed and set aside. 8. Moreover, the AO has noted in the reason to believe that he is seeking some information to examine the case of assessee, to enquire about these Rs. 7,00,000/-. In the judgment of this ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
