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TMI Blog2024 (9) TMI 969X X X X Extracts X X X X X X X X Extracts X X X X ..... ction. Adding the amount calculated by the AO towards the escaped income to the amounted computed under the ordinary provisions of the Act, the aggregate amount would be less than the amount of tax paid by the petitioner on being assessed under Section 115JB of the Act. Therefore, when the tax payable, as per the reasons recorded, is less than the amount paid by the petitioner under the assessment framed u/s 143 (3) of the Act, the question of any income having assessed would not arise . Therefore, the reasons recorded itself would indicate that in fact no income has escaped assessment to form such belief. Basic precondition for reopening of the assessment under Section 147 of the Act that the AO should have reason to believe that income ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etitioner paid tax on book profit under the MAT provisions of the Act as under: Sr. No. Assessment Years Amount of book profit (In Rs.) Amount of tax paid (In Rs.) 1 2014-15 8,14,16,667/- 1,62,89,643/- 2 2015-16 109,32,88,012/- 22,91,58,633/- 3 2016-17 173,54,38,817/- 37,03,70,410/- [4.2] The case of the petitioner was selected for scrutiny and assessment orders were passed under Section 143 (3) of the Act assessing total income as under: Sr.No. Assessment Years Date of Assessment orders passed under Section 143 (3) of the Act Total income assessed (In Rs.) Book profit under the provisions (In Rs.) 1 2014-15 09.12.2016 (-) 41,79,95,346/- 17,25,49,472/- 2 2015-16 30.11.2017 NIL 122,88,68,012/- 3 2016-17 19.12.2018 34,54,76,065/- 182,55,67,36 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessing Officer ought to have formed reason to believe so as to show and communicate as to why and what grounds / cause the income has escaped assessment. It was submitted that there is no live link between the material found and the escapement of income inasmuch as in absence of any tangible material on record, the Assessing Officer would not assume the jurisdiction to reopen the assessment. [5.2] It was submitted that the sanction granted for reopening the assessment is in mechanical manner as the reasons recorded are vague and do not show as to how the petitioner has been benefited. [5.3] Learned advocate Mr. Soparkar submitted that the petitioner company has filed return of loss / Nil income under the normal provisions of the Act and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Tribunal as per the provisions of the Act. Thus, learned advocate Ms. Mehta submitted that on this ground alone, present petitions deserve to be dismissed. [6.1] Learned advocate Ms. Mehta submitted that as per the information on insight portal, a search action under Section 132 of the Act was conducted at the premises of Shri Hitesh Jain, Proprietor of M/s. Mittersain Rajesh Kumar, Karnal on 23rd May 2017. During the search proceedings, some incriminating documents were found. It was also noticed that Shri Hitesh Jain was involved in providing accommodation entries by issuing bogus bills to various beneficiaries with the help of approximately 39 shell / paper concerns and the assessee is found to be one of the beneficiaries having the t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... also obtained from the competent authority and thereby, notices under Section 148 of the Act cannot be said to be defective and / or impermissible. [7] Having considering the submissions and material placed on record and considering the reasons recorded, it is apparent that the petitioner was assessed under the provisions of Section 115JB of the Act and has paid tax at the rate of 7.5% under the said section. Adding the amount calculated by the Assessing Officer towards the escaped income to the amounted computed under the ordinary provisions of the Act, the aggregate amount would be less than the amount of tax paid by the petitioner on being assessed under Section 115JB of the Act. Therefore, when the tax payable, as per the reasons record ..... X X X X Extracts X X X X X X X X Extracts X X X X
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