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TMI Blog2025 (3) TMI 1227X X X X Extracts X X X X X X X X Extracts X X X X ..... li Mehta waives service of notice of Rule for the respondent. 3. By these petitions, the petitioner has challenged the notice dated 24.03.2020 issued under Section 148 of the Income Tax Act, 1961 (for short, "the Act") by the respondent - Assessing Officer seeking to reopen the completed assessment for the Assessment Year 2013-13 as well as order dated 30.12.2020 disposing off the objections raised by the petitioner against reopening the assessment. 4. The brief facts of the case are that the petitioner is a limited company and is one of the importers and refiners of edible oil in India. Petitioner filed its return of income for the Assessment Year 2013-2014 on 28.11.2013 declaring total income at Rs. Nil and paid tax of Rs. 25,43,81,347/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts of these entities, it was found that the petitioner had dealings with three of such concerns, based upon which the respondent has concluded that the petitioner is one of the beneficiaries of accommodation provided by Mr. Hitesh Jain and such benefit is received by the petitioner to the extent of Rs. 1,92,57,338/-. 11. It was submitted that the reasons recorded does not reflect any independent application of mind on the part of the respondent inasmuch as the respondent has merely reproduced the information as received by it from the DDIT(Inv.) Panipat without applying his own independent mind as to the nature of information and how it affects the petitioner's income disclosed and assessed for AY 2013-2014. It was further submitted that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roceeding is initiated for a fishing and roving inquiry which is not permissible in law inasmuch as the petitioner provided all the necessary details vide replies dated 15.12.2016 and 20.12.2016 and the respondent being satisfied with the information supplied by the petitioner framed the assessment under section 143 (3) of the Act. 14. It was further submitted that reasons recorded must be germane, prudent and should disclose prima facie belief that income has escaped assessment and when the reasons do not show any nexus or connection with the allegation of under assessment, they fall in the realm of suspicion, surmises and conjectures. It was further submitted that the reasons to believe must have a rational connection and should be relev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ITR 280. 17. On the other hand, learned Assistant Government Pleader Ms. Maithili D. Mehta for the respondent submitted that the petition is filed at a premature stage inasmuch as only notice under section 148 read with section 147 of the Act has been issued and in the event the petitioner is aggrieved by the reassessment, alternative efficacious remedy is available by way of an appeal before the CIT (Appeals) and thereafter before the Tribunal. 18. It was submitted that information was received in relation to income chargeable to tax having escaped assessment and therefore, said information was verified in detail and it was noticed that the income in assessee's case chargeable to tax for the year under consideration has escaped assessme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unearthed only after search and seizure action and post search investigation done by DDIT(Inv.) Panipat. It was submitted that though during the course of assessment proceedings, the assessee did submit Profit and Loss account, balance sheet and other details, the fact that the transactions were not genuine and only paper entries came to the knowledge of Assessing officer for the first time upon verification of seized documents. It was therefore, submitted that such transactions were not disclosed by the assessee at the original assessment stage and therefore, reopening of the assessment is not misconceived or baseless. 22. It was submitted that the contention of the assessee that reopening has been initiated after expiry of four years fro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the petitioner framed assessment under section 143 (3) of the Act. The Assessing Officer therefore, could not have assumed the jurisdiction to issue impugned notice under section 148 of the Act and the impugned notice and the proceedings pursuant thereto cannot be sustained. 24. This Court in the case of very same assessee for the Assessment Years 2014-2015 to 2016-2017 in similar facts, vide order dated 03.09.2024 in Special Civil Application No. 19015 of 2021 and other allied matters held as under: "[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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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