9911796707
TMI Blog2023 (11) TMI 999X X X X Extracts X X X X X X X X Extracts X X X X ..... respective parties, the matter is taken up for final hearing today. 2 By way of this petition under Article 226 of the Constitution of India, the petitioner has prayed for quashing and setting aside the notice dated 30.04.2019 issued under Section 148 of the Income-Tax Act, 1961 for the Assessment Year 2012-13. 3 Facts in brief are as under: 3.1 The petitioner is engaged in the manufacturing of sizing yarn. During the financial year 2011-12, relevant to the Assessment Year 2012-13. The petitioner had received unsecured loans from certain persons, some of which were outstanding at the end of the year under consideration. 3.2 The petitioner filed return of income on 30.09.2012,. The case of the petitioner was selected for scrutiny assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rns, namely, M/s. Jay Traders and M/s. Shubham Enterprise, nor does he know Mr.Kamal Zaveri. The reasons for reopening, therefore, lacked validity. 4.2 Mr.Hemani, learned Senior Counsel, would submit that neither any statement of Mr.Zaveri, nor a declaration dated 08.05.2015, nor any details of the Assessment Order were supplied to the petitioner so as to explain how the transaction mentioned in the reasons for reopening had any linkage or nexus with the petitioner. 4.3 Mr.Hemani, learned Senior Counsel, would submit that since the reopening was beyond a period of four years, it was not a case of failure on the part of the petitioner to truly and fully disclose the income. The assessment for the year was framed under Sec.143(3). In the le ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of which the department could reopen the assessment. 6 Having perused the material on record, what is apparent is that the assessment was sought to be reopened by a notice dated 30.03.2019 for the year 2012- 13. It was, therefore, a case of reopening beyond a period of four years. The revenue, therefore, had the burden to show that there was no full and true disclosure of income by the assessee. 6.1 The reasons to believe, based on which the case of the assessee was reopened in brief, would read as under: "2 This office is in possession of a piece of information disseminated by Investigation Wing, Surat through ITO, Ward-1(3)(7), Surat. A survey action u/s. 133A of the I.T.Act was undertaken by Investigation Wing, Surat in the case of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eri Bank Bank Account NO. 1 26.03.2012 Bhagwati Polyfill Pvt Ltd. 2534710 Ms/. Jay Traders Kotak Mahindr a Bank 2411148883 2 28.03.2012 Bhagwati Polyfill Pvt Ltd. 2650593 Ms/. Jay Traders Kotak Mahindr a Bank 2411148883 3 26.03.2023 Bhagwati Polyfill Pvt Ltd. 2070080 M/s. Shubham Enterprise Kotak Mahindr a Bank 5911149800 4 28.03.2012 Bhagwati Polyfill Pvt Ltd. 3509631 M/s. Shubham Enterprise Kotak Mahindr a Bank 5911149800 Since, Shri Kamal J. Zaveri, Prop. M/s. Rishit Corporation has admitted that he is engaged in the business of giving "Bogus bill entries" and "Accommodation loan entries" on commission basis. Therefore, accommodation entries in the form of unsecured loan given to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ured loans was considered threadbare. The statement of audit produced in Form 3CA and 3CD together with the petition indicated that the company accepted unsecured loan from Directors / Shareholders of the company and relatives, names thereof were listed in their statement of accounts. 6.3 Perusal of the notice dated 20.10.2014 would indicate that the revenue had sought for details and supporting material to establish the genuineness of source and creditworthiness in respect of receipt and refund of unsecured loans during the year. 6.4 Even while responding to the notice vide communication dated 05.11.2014, it was specifically pointed out by the assessee-petitioner that in context of unsecured loans, the details of 25 parties confirming th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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