9911796707
TMI Blog2024 (9) TMI 215X X X X Extracts X X X X X X X X Extracts X X X X ..... titioner has challenged the notice dated 28.03.2021 issued under Section 148 of the Income Tax Act, 1961 (for short 'the Act') for Assessment Year 2016-17. The reasons recorded by the Assessing Officer to re-opening the assessment are as under : "1. Brief details of the assessee : Assessee filed its return of income for AY 2016-17 on 13.07.2016 declaring total income of Rs. 56,54,590/- The case was selected for complete scrutiny under CASS and scrutiny assessment u/s. 143 (3) dated 30.12.2018 determining total income of Rs. 12,13,54,590/- after making the addition of Rs. 11,57,00,000/- on account of unsecured loans accepted during the year. 2. Brief details of information collected/ received by the A.O. : On perusal of the Audit Report in Form 3CD, as per Annexure 'L' of clause 24 (a), it is seen that the assessee company had accepted unsecured loan during the year from the following parties Sr.No. Name of the lender or depositor Permanent Account Number (if avallable with the assessee) of the lender or the depositor Amount of loan or deposit taken or accepted 1 Anshul Gems Pvt. Ltd. ААНСА6495Р 31,00,000 2 Jai Shree Exports AAJ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the total income in the original assessment order passed on 30th December, 2018 and CIT (Appeals) by order dated 10.02.2020 has deleted the entire addition made in the assessment order. It was further contended by the petitioner that the impugned notice is issued only to re-verify and re-examine the matter which was already considered in the original assessment by the then Assessing Officer. 5.2. The respondent-Assessing Officer, however, rejected the objections raised by the petitioner by order dated 09.02.2022 on the ground that there is a difference between what was added in the original assessment and what is found to be in escaped income to the tune of Rs.30,79,500/-. 5.3. Being aggrieved, the petitioner has preferred this petition. 6.1. Learned Senior Advocate Mr. Tushar Hemani for the petitioner submitted that the entire issue for re-opening being the unsecured loans was thoroughly scrutinised during the original assessment proceedings. Learned Senior Advocate Mr. Tushar Hemani invited the attention of the Court to the Assessment Order passed under Section 143 (3) of the Act to point out that the Assessing Officer has called for the information with regard to the unsecure ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is based only on a change in opinion, the court ought to verify whether the assessment earlier made has either expressly or by necessary implication expressed an opinion on a matter which is the basis of the alleged escapement of income that was taxable. If the assessment order is non-speaking, cryptic or perfunctory in nature, it may be difficult to attribute to the assessing officer any opinion on the questions that are raised in the proposed re-assessment proceedings. Every attempt to bring to tax, income that has escaped assessment, cannot be absorbed by judicial intervention on an assumed change of opinion even in cases where the order of assessment does not address itself to a given aspect sought to be examined in the re-assessment proceedings." 7.3. Referring to the above observation of the Hon'ble Apex Court, it was submitted that the Assessing Officer was having the jurisdiction to issue the notice as the Assessment Order does not address the aspect of differential amount of the unsecured loans while making the addition in the Assessment Order. 7.4. It was therefore submitted that no interference is required to be made in the impugned notice while exercising the extra-o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ticed that out of the 14 alleged lenders, PAN number for two entities are hot even quoted in the report. Further, except in one case of Shri Rajen Vasant Dhruv in all other cases loans are squared off by the end of the year. Further from the addresses mentioned it is seen that there are multiple entities operating from same office address. In case of M/S Kushal Export and M/S Veena Gems no addresses are given in the report. Further, no interest is charged by these parties. Assesse has received interest free loans from these parties." 9. From the above details, it is clear that the contention of learned Senior Standing Counsel Mr. Karan Sanghani that the re-opening is made for details of unsecured loans obtained by the petitioner in respect from Kushal Export for Rs.30 Lakhs is not tenable as the said party and the amount is duly reflected in the above details which comprises of total of Rs. 11,57,00,000/- which is already added during the course of the original assessment proceedings. 10. Therefore, merely because there is a difference between the amount of unsecured loans in the books of the account of the petitioner and the addition made by the Assessing Officer in the original ..... X X X X Extracts X X X X X X X X Extracts X X X X
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