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TMI Blog2024 (9) TMI 215X X X X Extracts X X X X X X X X Extracts X X X X ..... RT] is also not applicable in the facts of the case as the issue of unsecured loans was considered by the AO during the course of regular assessment proceedings, more over, on perusal of the reasons recorded, it is clear that the contention raised by the learned advocate for the respondent is not found to be mentioned in the reasons recorded because as per the reasons recorded, entire amount of Rs. 11,87,79,500/- is presumed to be the income which has escaped the assessment. It is clear that there is a mere change of opinion on part of the respondent while issuing the impugned notice under Section 148 of the Act. Respondent could not have assumed the jurisdiction to issue the impugned notice under Section 148 of the Act. It is also pertinent to note that the addition made during the regular course of assessment was challenged before the Commissioner (Appeals) by the petitioner who has allowed the appeal of the assessee and therefore, the issue of unsecured loans based upon which the impugned notice is issued has already merged into the order of the appellate authority. Assessee appeal allowed. - HONOURABLE MR. JUSTICE BHARGAV D. KARIA AND HONOURABLE MR. JUSTICE NIRAL R. MEHTA App ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ery Pvt. Ltd AAFCR7596E 1,90,00,000 13 Uttam Gems Pvt. Ltd. AABCU5679H 50,00,000 14 Veena Gems 5,00,000 Total 11,87,79,500 3. Analysis of information collected/received : The assessee company was asked to furnish the following details in respect of unsecured loan accepted during the year under consideration: (i) Relevant ledger account of the loan givers. (ii) Copies of acknowledgement of ITR and computation of income for the year 2016-17 (iii) Copies of relevant pages of bank statements of the said loan givers. (iv) Details of relationship if any between the said givers of loans and the assessee. 2.1 However, it is seen that assessee had not complied with the terms of notice during the course of original assessment proceedings. Thus, it indicates that the assessee has no material in its possession to establish the genuineness and creditworthiness of the lenders. Since the assessee company had failed to explain the source of unsecured loan received during the year, the amount. so received as unsecured loan was required to be disallowed and added back to the total income of the assessee company by invoking the provision of section 68 of the Act. In view of above facts/material avail ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the reasons recorded by the Assessing Officer are nothing but mere change of opinion and the same are based upon the material which was already available on record. It was therefore submitted that the impugned notice is liable to be quashed and set aside. 6.2. Learned Senior Advocate Mr. Tushar Hemani referred to and relied upon the decision in case of Gujarat Enviro Protection and Infrastructure Limited versus Deputy Commissioner of Income Tax rendered on 19th February, 2018 in Special Civil Application No. 16163 of 2017 wherein, in similar situation, this Court has quashed the notice for re-opening. 7.1. On the other hand, learned Senior Standing Counsel Mr. Karan Sanghani for the respondent No. 1 submitted that there is difference between the total unsecured loans in the books of accounts of the petitioner and the addition made by the Assessing Officer in the original assessment being the differential amount of Rs. 30,79,500/- which was not considered by the Assessing Officer and therefore, it cannot be said that the Assessing Officer had formed an opinion on this amount. It was submitted that no opinion is formed by the Assessing Officer as the assessee did not furnish the de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as narrated by the Assessing Officer reads as under : 6. Ground of Addition: Bogus Unsecured Loans 6.1 From the perusal of the form 3CD it was found that assessee has received unsecured loan worth Rs. 11,57,00,000/- during the year under consideration and majority of the loans were squared off during the year. These unsecured loans were allegedly received from a total of 13 parties as mentioned below: Sr.No Name of the lender or depositor Address of the lender or depositor Permanent Account Number (if available with the assessee) of Amount of loan or deposit taken or accepted Squared off? Maximum amount outstanding in the account at any time during 1 Anshul Gens Prt Ltd. 6/1335,303, Adinath Apt., Ja AAHCA649 3100000 Yes 3100000 2 Jai Shree Exports 3-M, Ambika Darshan, Moti AAJFJ8322 2700000 Yes 2700000 3 Kaushal diamonds 3-M, Ambica Darshan, Moti AANFK673 1500000 Yes 1500000 4 Kumar Export 103, Sant Krupa App., Haw AWNPC612 12125000 Yes 12125000 5 Kushal Export Surat 3000000 Yes 3000000 6 Look at me retail Pvt. Ltd. 115, New DTC, Hathfalia, Ha AABCL4224 21000000 Yes 21000000 7 Manhar Impex Pvt. Ltd. 6/1335, Office No.303, 3 rd F AAFCM984 7800000 Yes 7800000 8 Osiaji Exports 303, 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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