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TMI Blog2025 (2) TMI 1141X X X X Extracts X X X X X X X X Extracts X X X X ..... , SSC and Ms. Anu Priya Nisha Minz, Adv. JUDGMENT YASHWANT VARMA, J. (Oral) 1. The writ petitioner has instituted these two petitions assailing the reassessment action commonly initiated for Assessment Year [AY] 2016-17. The reasons which appear to underlie the preferment of two separate writ petitions would appear to be the allegations in the reopening notice being against Top Most Investment Pvt. Ltd. [Top Most Investment] and YK Securities Pvt. Ltd. [YK Securities], both of which entities ultimately merged with Glider Investment Pvt. Ltd. [Glider Investment] and whose name now stands changed to Kunte and Drabu Consultants Pvt. Ltd [Kunte & Drabu]., the writ petitioner before us. 2. Although the original notice under Section 148 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es, out of which Rs. 9.39 crores is through transfer Rs. 1.25 crores is through RTGS and total debits during the same period amounted to Rs. 10. 68 crores, out of which Rs. 9.67 crores is through transfer and Rs. 1 crore is through RTGS. As per EDD, customer is in investments and financial services. Customer is operating from owned commercial premises with less than 500 square feet. On 07-10-2015, the account was credited with Rs. 1 crore through transfer from Shubhankar Nagar (022101514708 in this account funds were credited through transfer from VALUE IND. LTD) and on same day entice amount was debited through transfer to Trend Electronics Ltd (663805014486 in this account funds were debited through transfer to KHALIFA CONSTRUCTIONS P LTD ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... business purpose behind such to and for transactions that too of identical amounts and within the same entities. (ii) The assessee Videocon Industries Limited (VIL) has given interest free loans to entities mentioned above (Videocon Group entities and Entities owned by ex Board Director of Videocon industries Limited [M/s. Top Most Investment Pvt Ltd and M/s. Y K Securities Pvt Lt] in respect of Loans taken on interest. (iii) VIL has advanced interest bearing funds to the above mentioned entities and has failed to offer any explanation behind the rationale for the same. Further, the above mentioned entities failed to reply/partial submission (M/s. Top Most Investment Pvt Ltd and M/s. Y K Securities Pvt Ltd) to the notice under section 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ide interest free loans to various entities, including Top Most Investment, YK Securities and Glider Investment. It is these allegations which are set out in paragraph 3 (ii) of the Section 148A(b) notice. 6. Responding to the same, the petitioner appears to have asserted that the allegations as levelled were wholly vague and unfounded since although the income which is stated to have escaped assessment had been quantified at INR 37,53,91,921/-, the total credit which had been shown in the accounts of Top Most Investment and YK Securities were as per the case of respondents themselves placed at INR 7,57,40,838/- and INR 7,42,38,425/- respectively. 7. On a more fundamental plane, it appears to have been asserted that even if it were assume ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ments including bank statements, are genuine. Thus they require deep scrutiny and independent third party verifications are required to check the authenticity of the documents copy of which have been provided by the assessee. As the submissions are self-serving, therefore they are not acceptable. In view of the facts and information available with this office as discussed above, it is established that the assessee has no satisfactory explanation with supporting documents for issue discussed above. In the light of the facts discussed in foregoing paragraphs, it is apparent that the assessee has no satisfactory explanation for these transactions to the tune of Rs. 37,53,91,921/-. These deposits in bank account and/or loan and advances are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nds of either Top Most Investment, YK Securities or Glider Investment to be more potent. This since the solitary allegation which is levelled is a diversion of funds by Videocon to YK Securities, Top Most Investment and Glider Investment. Even if it were assumed to be correct that the Videocon had diverted funds and credit facilities provided by banks and financial institutions to third party entities, it would have at best and perhaps led to the deletion of any claims towards interest paid that may have been made by that entity. We fail to comprehend how such a diversion of funds could have led to the formation of opinion that income taxable in the hands of Top Most Investment, YK Securities and Glider Investment could have escaped assessm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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