9911796707
TMI Blog2025 (1) TMI 1067X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the first proviso to Section 147 cannot be said to have been satisfied and, therefore, the impugned proceedings are required to be quashed. Objections raised by the Petitioner regarding the jurisdictional validity of the re-assessment - Petitioner in its objections had raised the jurisdictional objections which is required to be satisfied before re-opening the case. None of these objections has been rebutted by the AO while disposing the order rejecting the objections. The order rejecting objections merely reproduces various judgments. In our view, in the absence of any rebuttal to the objections raised by the Petitioner, it shall be presumed that the Respondents have accepted the objections raised by the Petitioner and, therefore, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 43(3) of the I.T. Act was completed on 09.11.2017 accepting the same as the assessed income. 1. During the year under consideration the assessee received Income from salary, house property, business, capital gains and other sources. 2. On perusal of the Profit & Loss account for the year ending 31.03.2015, it is noticed that the assesse had an interest income of Rs. 2,75,81,210/- the details are as below/- 1. 1. Interest from Venture funds : Rs. 12,29,978/- 2. Interest on Loan : Rs. 1,55,55,804/- 3. Interest from THE GREATER BOMBAY CO-OPERATIVE BANK : Rs. 1,01,27,269/- 4. Interest-Others : Rs. 6,68,159/- 1. During the assessment proceedings the assesse has also filed details of interest receipts shown as inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Rs. 8,03,662/- involving tax effect of Rs. 2,73,165/- (excluding interest u/s 234A, 234B and 234C). 3. Further it was seen that the assesse had submitted vide letter dated 25.09.2017 that he had borrowed funds of Rs. 20,74,59,584/- from Pragati Gramin Bank, Hospet and advanced loans amounting to Rs. 1,77,39,11,205/- The assessee further submitted that interest of Rs. 1,75,52,396/- was paid to Pragati Gramin Bank. On perusalof the details available on the records, it is seen that the assessee has received interest only from loans advanced to MSPL Gases Ltd. In his submission dated 25.10.2017, the assessee had given details of loans borrowed from the bank and loan advanced to M/s MSPL Gases Ltd. from these details, it is observed that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ectively. In the present case, since the assessee has failed to substantiate its payments towards interest on loan taken from the banks, it leads-to-enough cause for forming of belief by the undersigned regarding of income during the year under consideration. 6. The reason for re-opening the assessment u/s. 148 is enclosed herewith for your information. You are requested to file your objection if any, within 15 days from the receipt of this mail, otherwise it will be considered as accepted by you." 4. The Petitioner vide letter dated 22 July 2021 filed his objections which were disposed of vide order dated 11 February 2022. Since the order rejected the objections raised by the Petitioner, the Petitioner is before us challenging the imp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o to Section 147 is clearly attracted, whereby the Assessing Officer has to satisfy the jurisdictional condition that there was failure on the part of the assessee to disclose fully and truly all material facts necessary for the assessment. On a reading of the reasons for re-opening, we could not find any allegations as contemplated under the first proviso to Section 147 of the said Act indicating that there was any failure on the part of the assessee to disclose fully and truly all material facts necessary for the assessment. Based on the reasons recorded, it is apparent that the information has been culled out from the documents and submissions made in the course of the regular assessment proceedings. The reasons recorded admits that the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
