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TMI Blog2025 (1) TMI 1010X X X X Extracts X X X X X X X X Extracts X X X X ..... uring course of search, incriminating documents were found and seized and on going through the information available on Insight Portal, it was found that the petitioners are one of the beneficiaries of the accommodation entries in form of different types of income like Long Terms Gains/Loss/Short Terms Gains/Loss and also beneficiary of unsecured loans etc., without there being any basis for forming such belief. >Therefore, it is clear that the AO has recorded the reasons only on the basis of the borrowed satisfaction without there being any live-link between the information available on the Insight Portal and the data available on the record of the petitioners-assesses. AO cannot be said to have formed an independent satisfaction regard ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der consideration disclosing the Short-Term Capital Gains on sale of shares of Kushal Tradelink Limited and paid the tax on such Short Term Capital Gains. >5.2. Thereafter, the impugned notices are issued for re-opening. The respondent-Assessing Officer has recorded the following reasons in case of the HUF : >"2. Brief details of Information collected/received by the AO: In this case, information was reflected on Insight Portal. On verification of the information, it is noticed that assessee has availed bogus LTCG amounting to Rs. 68,03,303/- through Kushal Group of Ahmedabad during the year under consideration. >3. Basis of forming reasons to believe and details of escapement of income : On perusal of the details and information, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Long Term Capital Gain/loss or Short Term Capital Gain/Loss, Unsecured Loans, Share Premium, Bogus Gains, Contrived Losses etc. >On perusal of information so received from Investigation Wing, Ahmedabad, it is noticed that the assessee Ashish Jashwantbhai Desai (ACUPD9673J) is one of the beneficiaries who has availed/obtained accommodation entries to the tune of Rs. 61,83,737/- from Kaushal Limited (AABCK7885P) under various head such as bogus Long, Term Capital Gain/loss or Short Term Capital Gain/Loss, Unsecured Loans Share Pienium Bogus Gains, Contrived Losses etc. who has controlled and managed by Kaushal Group of companies. Failure on the part of the assessee to disclose fully and truly all the material facts necessary for the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t was submitted that such vague reasons given by the Assessing Officer clearly depict that there is no clarity to the nature of transaction, date of transaction, accounting treatment or reflection in the balance-sheet and profit and loss account of the petitioners for the year under consideration. >6.2. Learned Senior Advocate Mr. Tushar Hemani referred to the computation of the income placed on record to point out that the petitioners have offered the Short Term Capital Gains as income and have also paid the tax. It was therefore submitted that the impugned notices are issued in a mechanical manner without application of mind and therefore, there is no prima-facie belief as to escapement of income chargeable to tax. >6.3. It was ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appears that the Assessing Officer has failed to give the requisite details in the reasons recorded so as to form a requisite prima-facie belief that income has escaped assessment. The reasons recorded only refer to the information received from the credible sources that the search was carried out in case of Kushal Group and during course of search, incriminating documents were found and seized and on going through the information available on Insight Portal, it was found that the petitioners are one of the beneficiaries of the accommodation entries in form of different types of income like Long Terms Gains/Loss/Short Terms Gains/Loss and also beneficiary of unsecured loans etc., without there being any basis for forming such belief. >9 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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