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TMI Blog2023 (9) TMI 1227X X X X Extracts X X X X X X X X Extracts X X X X ..... ving found that the transaction in fact was in context of commodity profit from Hrim Comtrade for an amount, it was not a case for reopening and reassessment in light of the fact that it had earlier already been gone into. The details filed from time to time along with the explanation for the transaction allegedly carried out with Satish Saraf Group. These details have been verified and placed on record. The assessee has declared the business income as computed as per the provisions of section 44AD of the Act by applying the net profit rate of 8% on the gross receipts - assessee has declared the income under the head other sources. Decided in favour of assessee. - HONOURABLE MR. JUSTICE BIREN VAISHNAV AND HONOURABLE MR. JUSTICE BH ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ated that in this business they act as intermediary between two persons who need either conversion of cash into cheques or vice versa and based on this statement, there was reason to believe that the assessee is a beneficiary of the Satish Saraf Group and had converted fund of Rs. 2,03,017/- from cash to cheques during the financial year 2013-14. To the reasons so recorded, the petitioner had filed his objections on 17.02.2022. One of the objections that was pressed into service by the petitioner was that pursuant to a notice issued under section 133(6) of the Act, the fact of his dealing in transactions with the Satish Saraf Group was denied. 4. Mr. Hardik Vora, learned advocate appearing for the petitioner would invite the attention of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation has been given to the transaction and on the contention that the income was a commodity profit from Hrim Comtrade the same was accepted. In other words, in Mr. Vora s submission the question which was addressed by the authority under section 148 of the Act and the reasons to believe were nothing new but a part of the previous investigation carried out by the authorities. 5. Mr. Varun Patel, learned Senior Standing Counsel appearing for the Revenue would dispute this proposition and submit that this was a fit case for examination of relevant material under section 147 148 of the Act. Further investigation was needed in light of the reasons to believe and merely because summons under Section 133(6) of the Act was issued would by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... believe that an amount of Rs. 203017/-has escaped assessment within the meaning of section 147 of the I. Act. In view of this, the case is fit to be proceeded u/s.147 and u/s. 148 of the I. T. Act. 6.1 If this in juxtaposition is examined to the contents of the notice under section 133(6) of the Act, contents of which have been reproduced hereinabove, and taking into consideration the reply filed by the petitioner explaining the fact that this was not a transaction which he had undertaken with the Satish Saraf Group and also having found that the transaction in fact was in context of commodity profit from Hrim Comtrade for an amount of Rs. 2,03,017/-, it was not a case for reopening and reassessment in light of the fact that it had ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 11.09.2019 Complied with by filing the details vide letter dated 25.09.2019 3. The details filed from time to time along with the explanation for the transaction of Rs. 3,01,785/- allegedly carried out with Satish Saraf Group. These details have been verified and placed on record. The assessee has declared the business income of Rs. 20,876/- computed as per the provisions of section 44AD of the Act by applying the net profit rate of 8% on the gross receipts of Rs. 2,60,945/-. The assessee has declared the income under the head other sources as under:- Bank Interest Rs. 6,553/- Interest on Bank FDR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Particulars of income Amount. 1. Profit of the business Rs. 20,876/- 2. Income from other sources: As per statement Rs. 4,43,739/- Gross Total income Rs. 4,64,615/- 3. Deductions u/s. 80C, 80CCF and 80D of the Act as per statement Rs. 1,30,228/- Total income computed u/s, 143(3) r.w.s. 147 of the Act Rs. 3,34,387/- Total income rounded to Rs. 3,34,390/- (Rupees Three Lakhs Thirty Four Thousand Thr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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